Key Points
- Globalstar CFO Rebecca Clary sold 920 shares on June 4 at an average price of $81.75, totaling about $75,210. After the sale, she still owned 120,278 shares worth roughly $9.83 million.
- The transaction was made under a pre-arranged Rule 10b5-1 trading plan, and Clary has also sold additional Globalstar shares in recent months.
- Globalstar recently missed earnings expectations, reporting a quarterly loss of $0.16 per share versus the expected $0.02 loss, even though revenue rose 16.7% year over year to $70.06 million.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) CFO Rebecca Clary sold 920 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total transaction of $75,210.00. Following the completion of the transaction, the chief financial officer owned 120,278 shares of the company's stock, valued at $9,832,726.50. This represents a 0.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rebecca Clary also recently made the following trade(s):
- On Tuesday, April 28th, Rebecca Clary sold 4,066 shares of Globalstar stock. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84.
- On Wednesday, April 15th, Rebecca Clary sold 4,037 shares of Globalstar stock. The shares were sold at an average price of $79.85, for a total transaction of $322,354.45.
- On Wednesday, March 11th, Rebecca Clary sold 762 shares of Globalstar stock. The shares were sold at an average price of $57.31, for a total transaction of $43,670.22.
- On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The shares were sold at an average price of $55.38, for a total transaction of $19,438.38.
Globalstar Stock Performance
NASDAQ GSAT opened at $82.66 on Friday. Globalstar, Inc. has a 1 year low of $19.27 and a 1 year high of $84.69. The company has a market capitalization of $10.65 billion, a PE ratio of -551.08 and a beta of 1.55. The company has a fifty day moving average of $78.74 and a two-hundred day moving average of $67.64. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56.
Globalstar (NASDAQ:GSAT - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The business had revenue of $70.06 million for the quarter. Globalstar's quarterly revenue was up 16.7% on a year-over-year basis. As a group, analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current year.
Institutional Investors Weigh In On Globalstar
Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its holdings in shares of 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 during the last quarter. Clay Northam Wealth Management LLC boosted its holdings in shares of Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock worth $241,000 after purchasing an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Globalstar by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company's stock worth $1,219,000 after purchasing an additional 248 shares during the last quarter. Clearstead Trust LLC boosted its holdings in shares of Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock worth $130,000 after purchasing an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar during the fourth quarter worth $26,000. Institutional investors and hedge funds own 18.89% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on GSAT. Weiss Ratings upgraded shares of Globalstar from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. Zacks Research downgraded shares of Globalstar from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Clear Str downgraded shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Craig Hallum reiterated a "buy" rating and set a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $69.00.
View Our Latest Stock Analysis on Globalstar
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
