Key Points
- CEO Paul Jacobs sold 714 shares on March 19 at an average price of $59.56 for proceeds of $42,525.84, reducing his stake to 67,032 shares (a 1.05% ownership decrease).
- Stock and valuation snapshot: Globalstar has a $7.93 billion market cap, a negative P/E (-414.29), a 52‑week range of $17.24–$74.88, and was trading near $61.65 with 50‑/200‑day SMAs of $60.49/$54.13.
- Mixed analyst and institutional signals: Two analysts rate the stock Buy, one Hold and two Sell (average rating: Hold, average target $69), while institutional investors hold 18.89% and several funds recently added modest positions.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) CEO Paul Jacobs sold 714 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares in the company, valued at $3,992,425.92. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Globalstar Stock Up 0.2%
Globalstar stock opened at $61.65 on Friday. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of -414.29, a PEG ratio of 95.80 and a beta of 1.43. The company's 50 day simple moving average is $60.49 and its 200 day simple moving average is $54.13. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC bought a new stake in shares of Globalstar during the first quarter worth $99,000. Geode Capital Management LLC lifted its position in Globalstar by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company's stock valued at $30,019,000 after acquiring an additional 20,514 shares in the last quarter. Inspire Advisors LLC acquired a new position in Globalstar in the 2nd quarter worth $221,000. Handelsbanken Fonder AB bought a new position in Globalstar during the 2nd quarter worth about $264,000. Finally, Entropy Technologies LP bought a new position in Globalstar during the 2nd quarter worth about $351,000. Institutional investors and hedge funds own 18.89% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on GSAT. Weiss Ratings reissued a "sell (d-)" rating on shares of Globalstar in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They set a "hold" rating and a $62.00 price objective on the stock. Craig Hallum reissued a "buy" rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Finally, Zacks Research downgraded Globalstar from a "hold" rating to a "strong sell" rating in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $69.00.
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Globalstar Company Profile
(
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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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