Insider Selling: Globalstar (NASDAQ:GSAT) CFO Sells $1,980,297.00 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 24,100 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $82.17, for a total value of $1,980,297.00. Following the completion of the sale, the chief financial officer owned 96,540 shares of the company’s stock, valued at approximately $7,932,691.80. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, June 4th, Rebecca Clary sold 920 shares of Globalstar stock. The stock was sold at an average price of $81.75, for a total value of $75,210.00.

Globalstar Stock Down 0.5%

NASDAQ GSAT opened at $82.46 on Thursday. The business’s fifty day simple moving average is $80.95 and its 200-day simple moving average is $74.45. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The firm has a market cap of $10.68 billion, a PE ratio of -161.69 and a beta of 1.58. Globalstar, Inc. has a 52 week low of $24.37 and a 52 week high of $84.85.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The firm had revenue of $64.77 million for the quarter. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. As a group, equities analysts anticipate that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GSAT shares. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a report on Tuesday. Finally, Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $75.67.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently modified their holdings of the company. Ashford Capital Management Inc. lifted its stake in Globalstar by 3.8% during the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after acquiring an additional 51,703 shares in the last quarter. State Street Corp grew its position in Globalstar by 2.4% in 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 in the last quarter. Geode Capital Management LLC grew its position in Globalstar by 0.4% in 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 in the last quarter. Senvest Management LLC increased its stake in Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after purchasing an additional 188,325 shares during the period. Finally, Van ECK Associates Corp increased its stake in Globalstar by 19.5% during the fourth 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 period. 18.89% of the stock is owned by institutional investors and hedge funds.

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.