Timothy Evan Taylor Sells 75,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) VP Timothy Evan Taylor sold 75,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $83.15, for a total transaction of $6,236,250.00. Following the completion of the sale, the vice president directly owned 245,244 shares of the company’s stock, valued at $20,392,038.60. The trade was a 23.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Globalstar Stock Down 0.7%

Shares of NASDAQ GSAT traded down $0.61 on Thursday, hitting $82.61. The company had a trading volume of 693,279 shares, compared to its average volume of 1,181,534. The business has a 50 day moving average of $80.82 and a two-hundred day moving average of $73.80. The firm has a market capitalization of $10.70 billion, a P/E ratio of -161.98 and a beta of 1.58. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. Globalstar, Inc. has a 12-month low of $24.37 and a 12-month high of $84.85.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. As a group, equities research analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GSAT shares. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen raised Globalstar to a “sell” rating in a report on Saturday, August 8th. Finally, Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $69.00.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sculptor Capital LP purchased a new position in Globalstar during the first quarter valued at approximately $15,742,000. LBP AM SA acquired a new stake in shares of Globalstar in the fourth quarter worth about $4,139,000. Dimensional Fund Advisors LP boosted its stake in shares of Globalstar by 7.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock worth $15,363,000 after acquiring an additional 16,009 shares in the last quarter. State of New Jersey Common Pension Fund D bought a new stake in shares of Globalstar during the 4th quarter worth about $2,178,000. Finally, UBS Group AG increased its holdings in shares of Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after acquiring an additional 329,270 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.