Key Points
- Globalstar General Counsel L. Barbee IV Ponder sold 12,045 shares at an average price of $83.21, generating approximately $1.00 million. The sale reduced the executive’s ownership by 8.4% to 131,303 shares.
- Globalstar’s latest quarterly results fell short of expectations, with an adjusted loss of $0.23 per share versus the consensus loss estimate of $0.09. Revenue totaled $64.77 million, down 3.5% year over year, and analysts expect a full-year loss of $0.38 per share.
- GSAT shares opened at $83.82, near their 52-week high of $84.85, while analysts maintain a consensus “Hold” rating and a $69 price target. Institutional investors own 18.89% of the company.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) General Counsel L Barbee Iv Ponder sold 12,045 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $83.21, for a total transaction of $1,002,264.45. Following the completion of the sale, the general counsel owned 131,303 shares of the company's stock, valued at $10,925,722.63. This trade represents a 8.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Globalstar Stock Up 0.5%
GSAT stock opened at $83.82 on Tuesday. Globalstar, Inc. has a fifty-two week low of $24.37 and a fifty-two week high of $84.85. The business's 50 day moving average price is $80.77 and its two-hundred day moving average price is $73.51. 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 company has a market capitalization of $10.86 billion, a price-to-earnings ratio of -164.35 and a beta of 1.58.
Globalstar (NASDAQ:GSAT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.Globalstar's revenue for the quarter was down 3.5% on a year-over-year basis. As a group, analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Globalstar
Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in Globalstar during the 2nd quarter valued at $13,233,000. Handelsbanken Fonder AB raised its stake in shares of Globalstar by 13.9% in the second quarter. Handelsbanken Fonder AB now owns 16,400 shares of the company's stock worth $1,333,000 after purchasing an additional 2,000 shares during the last quarter. Optiver Holding B.V. purchased a new position in shares of Globalstar in the first quarter worth $32,000. Edgestream Partners L.P. lifted its holdings in shares of Globalstar by 64.2% during the first quarter. Edgestream Partners L.P. now owns 23,329 shares of the company's stock valued at $1,550,000 after purchasing an additional 9,118 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Globalstar by 11.6% during the first quarter. Janus Henderson Group PLC now owns 22,702 shares of the company's stock valued at $1,507,000 after purchasing an additional 2,367 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on GSAT. Wall Street Zen upgraded Globalstar to a "sell" rating in a report on Saturday. Clear Str downgraded shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $69.00.
Check Out Our Latest Stock Analysis on Globalstar
Globalstar Company Profile
(
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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