Globalstar (NASDAQ:GSAT) Director Sells $8,995,800.00 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Lynch sold 110,000 shares of the business’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the sale, the director directly owned 712,714 shares in the company, valued at $58,285,750.92. This trade represents a 13.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Globalstar Stock Performance

Shares of NASDAQ GSAT traded down $0.21 during mid-day trading on Wednesday, hitting $81.82. The stock had a trading volume of 697,491 shares, compared to its average volume of 1,154,552. The firm has a market cap of $10.60 billion, a PE ratio of -160.43 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The company has a 50 day moving average of $81.05 and a two-hundred day moving average of $75.05. Globalstar, Inc. has a twelve month low of $27.64 and a twelve month high of $84.85.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $64.77 million during the quarter. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. Research analysts predict that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar during the 4th quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar in the 4th quarter valued at $27,000. Optiver Holding B.V. purchased a new stake in shares of Globalstar in the first quarter valued at about $32,000. US Bancorp DE raised its position in shares of Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Globalstar in the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

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

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.