Globalstar (NASDAQ:GSAT) CFO Sells $273,514.56 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 4,829 shares of Globalstar stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $56.64, for a total transaction of $273,514.56. Following the transaction, the chief financial officer directly owned 106,992 shares in the company, valued at $6,060,026.88. This trade represents a 4.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Rebecca Clary also recently made the following trade(s):

• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The shares were sold at an average price of $56.64, for a total value of $273,514.56.
• On Monday, December 8th, Rebecca Clary sold 1,221 shares of Globalstar stock. The stock was sold at an average price of $67.88, for a total value of $82,881.48.
• On Monday, December 1st, Rebecca Clary sold 4,380 shares of Globalstar stock. The shares were sold at an average price of $59.92, for a total value of $262,449.60.
• On Monday, November 17th, Rebecca Clary sold 16,316 shares of Globalstar stock. The shares were sold at an average price of $58.32, for a total value of $951,549.12.
• On Friday, November 14th, Rebecca Clary sold 1,188 shares of Globalstar stock. The stock was sold at an average price of $60.84, for a total value of $72,277.92.
• On Wednesday, November 12th, Rebecca Clary sold 56 shares of Globalstar stock. The shares were sold at an average price of $61.34, for a total transaction of $3,435.04.
• On Thursday, November 6th, Rebecca Clary sold 4,572 shares of Globalstar stock. The shares were sold at an average price of $48.31, for a total transaction of $220,873.32.
• On Thursday, October 16th, Rebecca Clary sold 4,333 shares of Globalstar stock. The shares were sold at an average price of $44.43, for a total transaction of $192,515.19.
• On Thursday, September 25th, Rebecca Clary sold 2,100 shares of Globalstar stock. The shares were sold at an average price of $35.01, for a total transaction of $73,521.00.

Globalstar Trading Down 10.7%

Shares of GSAT stock traded down $6.79 during trading hours on Wednesday, hitting $56.91. The company had a trading volume of 1,442,841 shares, compared to its average volume of 903,836. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.53 and a quick ratio of 2.46. The company’s fifty day moving average is $55.59 and its 200 day moving average is $37.69. The stock has a market capitalization of $7.22 billion, a PE ratio of -123.72 and a beta of 1.08.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The company had revenue of $73.85 million for the quarter. During the same period in the previous year, the firm earned $0.06 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GSAT. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research note on Tuesday. They issued a “hold” rating and a $62.00 price objective for the company. Zacks Research downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. Finally, B. Riley increased their target price on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Globalstar has an average rating of “Hold” and a consensus target price of $68.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new stake in shares of Globalstar in the 1st quarter valued at approximately $99,000. Magnus Financial Group LLC grew its stake in shares of Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock worth $4,610,000 after purchasing an additional 3,333 shares in the last quarter. Nordea Investment Management AB purchased a new position in Globalstar in the second quarter valued at $3,037,000. Y Intercept Hong Kong Ltd purchased a new position in Globalstar in the second quarter valued at $343,000. Finally, Palogic Value Management L.P. acquired a new stake in Globalstar in the second quarter valued at $1,178,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.