Key Points
- CEO Paul Jacobs sold 845 shares on Jan. 7 at an average price of $65.80 for $55,601, reducing his stake by 1.42% to 58,830 shares valued at roughly $3.87 million.
- Analysts have an average rating of "Hold" with an average target price of $68.50, while Globalstar reported EPS of ($0.01) beating estimates and revenue of $73.85M but remains unprofitable with a negative net margin and negative return on equity.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) CEO Paul Jacobs sold 845 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the completion of the transaction, the chief executive officer owned 58,830 shares in the company, valued at approximately $3,871,014. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Globalstar Stock Performance
Shares of GSAT stock opened at $60.85 on Thursday. The company has a current ratio of 2.53, a quick ratio of 2.46 and a debt-to-equity ratio of 1.33. The firm has a fifty day simple moving average of $61.26 and a two-hundred day simple moving average of $42.00. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $74.88. The firm has a market capitalization of $7.72 billion, a PE ratio of -132.28 and a beta of 1.10.
Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $73.85 million for the quarter. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.06 earnings per share.
Analysts Set New Price Targets
Several research analysts recently issued reports on the company. Zacks Research cut Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 7th. B. Riley lifted their price objective on shares of Globalstar from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Monday, November 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a "hold" rating and a $62.00 target price for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Globalstar in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $68.50.
Check Out Our Latest Stock Report on GSAT
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in the business. US Bancorp DE boosted its holdings in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company's stock valued at $34,000 after acquiring an additional 800 shares during the period. Fortitude Family Office LLC purchased a new position in Globalstar during the third quarter valued at $37,000. Advisory Services Network LLC bought a new stake in Globalstar during the third quarter worth about $40,000. Dakota Community Bank & Trust NA purchased a new stake in shares of Globalstar in the 3rd quarter worth approximately $46,000. Finally, CWM LLC grew its stake in shares of Globalstar by 100.6% in the third quarter. CWM LLC now owns 1,324 shares of the company's stock worth $48,000 after acquiring an additional 664 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.
About Globalstar
(
Get Free Report)
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.
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