Globalstar (NASDAQ:GSAT) Issues Earnings Results, Misses Expectations By $0.02 EPS

Globalstar (NASDAQ:GSAT) issued its earnings results on Thursday. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02), FiscalAI reports. The company had revenue of $70.90 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.

Globalstar Price Performance

GSAT traded up $0.79 on Friday, reaching $84.32. The company had a trading volume of 939,421 shares, compared to its average volume of 795,730. The business has a 50 day simple moving average of $82.79 and a 200 day simple moving average of $76.35. The company has a market cap of $10.92 billion, a price-to-earnings ratio of -131.75 and a beta of 1.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. Globalstar has a 52-week low of $47.25 and a 52-week high of $85.10.

Insiders Place Their Bets

In other Globalstar news, Director James F. Lynch sold 361,600 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $82.52, for a total transaction of $29,839,232.00. Following the sale, the director owned 351,114 shares in the company, valued at $28,973,927.28. This trade represents a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Monroe, III purchased 361,600 shares of the company’s stock in a transaction on Friday, September 18th. The shares were purchased at an average cost of $82.52 per share, with a total value of $29,839,232.00. Following the purchase, the director owned 408,253 shares of the company’s stock, valued at approximately $33,689,037.56. The trade was a 775.08% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 673,819 shares of company stock worth $55,595,821. 60.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently modified their holdings of the company. Sculptor Capital LP bought a new stake in Globalstar in the 1st quarter worth approximately $15,742,000. Senvest Management LLC grew its position in Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after acquiring an additional 188,325 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Globalstar during the second quarter worth approximately $13,233,000. Governors Lane LP purchased a new position in shares of Globalstar during the second quarter worth approximately $3,016,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Globalstar during the first quarter worth approximately $1,501,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. Wall Street Zen raised shares of Globalstar from a “sell” rating to a “hold” rating in a report on Saturday. 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 report on Tuesday, August 18th. Finally, Weiss Ratings cut shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $75.67.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.