Insider Selling: Globalstar (NASDAQ:GSAT) CEO Sells 845 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 845 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total transaction of $55,601.00. Following the transaction, the chief executive officer directly owned 58,830 shares in the company, valued at $3,871,014. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Globalstar Stock Performance

NASDAQ:GSAT traded down $6.45 during trading hours on Wednesday, reaching $60.85. 871,077 shares of the stock were exchanged, compared to its average volume of 723,104. The stock has a market capitalization of $7.72 billion, a P/E ratio of -132.28 and a beta of 1.10. The firm has a 50 day simple moving average of $60.88 and a 200-day simple moving average of $41.87. The company has a quick ratio of 2.46, a current ratio of 2.53 and a debt-to-equity ratio of 1.33. Globalstar, Inc. has a 52 week low of $17.24 and a 52 week high of $74.88.

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

Analyst Ratings Changes

A number of equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Zacks Research lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. B. Riley increased their target price on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $68.50.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. US Bancorp DE lifted its holdings in Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares during the period. Fortitude Family Office LLC acquired a new position in Globalstar during the 3rd quarter valued at about $37,000. Advisory Services Network LLC bought a new stake in shares of Globalstar during the 3rd quarter worth about $40,000. Dakota Community Bank & Trust NA bought a new stake in shares of Globalstar during the 3rd quarter worth about $46,000. Finally, CWM LLC lifted its stake in shares of Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after acquiring an additional 664 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

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.