Globalstar (NASDAQ:GSAT) Announces Earnings Results

Globalstar (NASDAQ:GSAT) announced its earnings results on Thursday. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14), FiscalAI reports. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The company had revenue of $64.77 million for the quarter. The company’s revenue was down 3.5% on a year-over-year basis.

Globalstar Stock Performance

Shares of GSAT stock traded up $0.07 on Friday, hitting $83.31. 663,456 shares of the stock traded hands, compared to its average volume of 1,191,972. Globalstar has a 1-year low of $24.37 and a 1-year high of $84.85. The company’s fifty day moving average is $80.76 and its 200 day moving average is $73.18. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The company has a market capitalization of $10.73 billion, a PE ratio of -555.40 and a beta of 1.58.

Analyst Ratings Changes

GSAT has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $69.00.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 920 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the transaction, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at $9,832,726.50. This represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is owned by corporate insiders.

Institutional Trading of Globalstar

Several large investors have recently added to or reduced their stakes in GSAT. Ashford Capital Management Inc. raised its holdings in Globalstar by 3.8% during the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after buying an additional 51,703 shares in the last quarter. State Street Corp increased its holdings in shares of Globalstar by 2.4% during the 4th quarter. State Street Corp now owns 1,343,869 shares of the company’s stock valued at $82,030,000 after acquiring an additional 31,977 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Globalstar by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock valued at $78,331,000 after acquiring an additional 4,799 shares during the last quarter. Senvest Management LLC raised its stake in shares of Globalstar by 27.7% in the 1st 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 in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Globalstar by 19.5% in the 4th quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock worth $35,684,000 after purchasing an additional 95,275 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

Globalstar Company Profile

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.