Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 19,998 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total transaction of $1,639,436.04. Following the transaction, the director directly owned 4,116 shares in the company, valued at approximately $337,429.68. This trade represents a 82.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Globalstar Stock Performance

Globalstar stock opened at $81.76 on Friday. 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 market capitalization of $10.59 billion, a PE ratio of -160.31 and a beta of 1.58. The company has a 50 day moving average price of $81.14 and a 200-day moving average price of $75.46. Globalstar, Inc. has a fifty-two week low of $28.15 and a fifty-two week 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 (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company’s revenue was down 3.5% on a year-over-year basis. As a group, equities analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on GSAT shares. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Wall Street Zen raised shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Craig Hallum cut shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a research report on Tuesday, August 18th. Finally, Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. One investment 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.com, the stock currently has an average rating of “Hold” and an average target price of $75.67.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently made changes to their positions in the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar in the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Globalstar in the fourth quarter worth $27,000. Optiver Holding B.V. purchased a new position in shares of Globalstar during the first quarter worth $32,000. US Bancorp DE lifted its position in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in Globalstar in the third quarter valued at $40,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

About Globalstar

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.