Key Points
- Globalstar’s general counsel sold 4,720 shares at an average price of $83.52, generating $394,214.40 and reducing their ownership by 3.59%. This followed another sale of 12,045 shares worth about $1.00 million on August 7.
- GSAT opened at $83.56, near its 52-week high of $84.85, with a market capitalization of approximately $10.83 billion. The stock’s consensus analyst rating is “Hold”, with a $69 price target.
- Globalstar reported quarterly revenue of $64.77 million but missed earnings expectations, posting an EPS loss of $0.23 versus the expected $0.09 loss. Revenue declined 3.5% year over year, while analysts expect a full-year loss of $0.38 per share.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) General Counsel L Barbee Iv Ponder sold 4,720 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $83.52, for a total transaction of $394,214.40. Following the transaction, the general counsel owned 126,583 shares in the company, valued at approximately $10,572,212.16. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
L Barbee Iv Ponder also recently made the following trade(s):
- On Friday, August 7th, L Barbee Iv Ponder sold 12,045 shares of Globalstar stock. The shares were sold at an average price of $83.21, for a total transaction of $1,002,264.45.
Globalstar Price Performance
Shares of GSAT opened at $83.56 on Wednesday. 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 50 day moving average price of $80.79 and a 200-day moving average price of $73.67. Globalstar, Inc. has a fifty-two week low of $24.37 and a fifty-two week high of $84.85. The stock has a market capitalization of $10.83 billion, a PE ratio of -163.84 and a beta of 1.58.
Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business's revenue for the quarter was down 3.5% compared to the same quarter last year. Equities analysts predict that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on the company. Wall Street Zen raised Globalstar to a "sell" rating in a research report on Saturday. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 7th. Clear Str lowered shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Weiss Ratings upgraded shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $69.00.
View Our Latest Analysis on GSAT
Institutional Investors Weigh In On Globalstar
Large investors have recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar during the 4th quarter worth approximately $27,000. Optiver Holding B.V. purchased a new stake in Globalstar during the 1st quarter worth approximately $32,000. US Bancorp DE increased its stake 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 purchasing an additional 800 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company's stock worth $57,000 after buying an additional 430 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company's stock.
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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