Insider Selling: Globalstar (NASDAQ:GSAT) CFO Sells $2,002,522.50 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 23,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $86.13, for a total transaction of $2,002,522.50. Following the transaction, the chief financial officer owned 73,290 shares in the company, valued at approximately $6,312,467.70. This trade represents a 24.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Friday, August 14th, Rebecca Clary sold 24,100 shares of Globalstar stock. The shares were sold at an average price of $82.17, for a total transaction of $1,980,297.00.

Globalstar Stock Performance

GSAT stock traded up $0.20 on Thursday, hitting $86.24. The company’s stock had a trading volume of 1,216,362 shares, compared to its average volume of 1,055,053. The firm has a 50 day moving average of $83.06 and a two-hundred day moving average of $76.68. Globalstar, Inc. has a 1 year low of $53.67 and a 1 year high of $86.97. The stock has a market cap of $11.18 billion, a price-to-earnings ratio of -134.75 and a beta of 1.52. The company has a current ratio of 1.59, a quick ratio of 1.54 and a debt-to-equity ratio of 1.06.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). Globalstar had a negative return on equity of 23.10% and a negative net margin of 28.53%. The business had revenue of $70.90 million for the quarter. Equities analysts predict that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GSAT has been the subject of several recent research reports. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. Wall Street Zen upgraded Globalstar from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Weiss Ratings cut Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research report on Tuesday, September 22nd. Finally, Craig Hallum downgraded Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research note on Tuesday, August 18th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $76.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GSAT. PNC Financial Services Group Inc. raised its holdings in Globalstar by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Globalstar by 1.3% in the 3rd quarter. HighTower Advisors LLC now owns 17,592 shares of the company’s stock valued at $1,458,000 after purchasing an additional 231 shares in the last quarter. TD Waterhouse Canada Inc. increased its position in Globalstar by 3.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock worth $652,000 after purchasing an additional 234 shares during the period. Arizona State Retirement System increased its position in Globalstar by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 14,193 shares of the company’s stock worth $1,154,000 after purchasing an additional 258 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of Globalstar by 114.1% during the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after buying an additional 275 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Globalstar Company Profile

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.