Globalstar (NASDAQ:GSAT) CEO Paul Jacobs Sells 53,479 Shares

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 53,479 shares of Globalstar stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $34.95, for a total transaction of $1,869,091.05. Following the sale, the chief executive officer directly owned 58,895 shares of the company’s stock, valued at $2,058,380.25. This represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Globalstar Stock Down 3.0%

GSAT opened at $34.65 on Friday. The company has a fifty day moving average price of $28.80. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $4.39 billion, a PE ratio of -77.00 and a beta of 1.01.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.22. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%. Globalstar has set its FY 2025 guidance at EPS.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. raised its holdings in Globalstar by 640.4% during the 2nd quarter. Osaic Holdings Inc. now owns 3,302 shares of the company’s stock valued at $78,000 after buying an additional 2,856 shares during the last quarter. MRP Capital Investments LLC purchased a new position in shares of Globalstar in the second quarter valued at about $64,000. State of Wyoming raised its stake in shares of Globalstar by 82.3% during the second quarter. State of Wyoming now owns 3,963 shares of the company’s stock valued at $93,000 after acquiring an additional 1,789 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Globalstar by 394.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,745 shares of the company’s stock worth $159,000 after purchasing an additional 5,382 shares during the period. Finally, Cannell Capital LLC grew its stake in shares of Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GSAT. Wall Street Zen upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, June 23rd. Zacks Research raised shares of Globalstar to a “strong-buy” rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Globalstar currently has a consensus rating of “Strong Buy”.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.