James Lynch Sells 110,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Lynch sold 110,000 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the completion of the sale, the director owned 712,714 shares in the company, valued at approximately $58,285,750.92. This trade represents a 13.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Globalstar Stock Performance

GSAT stock opened at $82.05 on Friday. The firm has a market cap of $10.63 billion, a PE ratio of -160.88 and a beta of 1.58. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The business’s 50-day moving average price is $81.12 and its two-hundred day moving average price is $75.42. Globalstar, Inc. has a 1-year low of $27.64 and a 1-year high of $84.85.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $64.77 million during the quarter. Globalstar’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, research analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GSAT shares. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Craig Hallum lowered shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Globalstar currently has a consensus rating of “Hold” and an average target price of $75.67.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GSAT. PNC Financial Services Group Inc. increased its holdings in Globalstar by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC boosted its stake in shares of Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after purchasing an additional 160 shares in the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Globalstar by 3.0% during the second quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock worth $652,000 after purchasing an additional 234 shares during the last quarter. Clearstead Trust LLC grew its holdings in shares of Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after purchasing an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Globalstar in the fourth quarter valued at approximately $26,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Globalstar Company Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.