James Monroe III Buys 361,600 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Monroe, III bought 361,600 shares of the stock in a transaction dated Friday, September 18th. The stock was purchased at an average cost of $82.52 per share, for a total transaction of $29,839,232.00. Following the acquisition, the director owned 408,253 shares in the company, valued at $33,689,037.56. The trade was a 775.08% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Globalstar Price Performance

Shares of NASDAQ GSAT traded up $0.20 during trading on Monday, reaching $83.04. The company had a trading volume of 509,724 shares, compared to its average volume of 1,101,983. Globalstar, Inc. has a 52 week low of $33.90 and a 52 week high of $84.85. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The business’s 50 day moving average price is $81.66 and its 200-day moving average price is $77.89. The stock has a market cap of $10.76 billion, a PE ratio of -162.82 and a beta of 1.51.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Craig Hallum downgraded shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a research report on Tuesday, August 18th. Wall Street Zen upgraded Globalstar to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globalstar in a report on Wednesday, September 2nd. Finally, Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $75.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sculptor Capital LP bought a new position in Globalstar during the 1st quarter worth approximately $15,742,000. Dimensional Fund Advisors LP raised its position in shares of Globalstar by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock worth $15,363,000 after purchasing an additional 16,009 shares during the period. Renaissance Technologies LLC bought a new position in shares of Globalstar in the first quarter valued at $1,501,000. Sei Investments Co. raised its stake in shares of Globalstar by 46.5% in the first quarter. Sei Investments Co. now owns 47,599 shares of the company’s stock worth $3,162,000 after purchasing an additional 15,101 shares during the last quarter. Finally, Governors Lane LP bought a new position in Globalstar in the 2nd quarter worth approximately $3,016,000. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.