Key Points
- Globalstar Director Benjamin Wolff sold 24,000 shares at an average price of $83.54, generating approximately $2.0 million and reducing his position by 39.46%.
- Globalstar’s latest quarter showed a $0.23 per-share loss versus the $0.09 expected, while revenue fell 3.5% year over year to $64.77 million.
- Analysts maintain a consensus “Hold” rating with an average price target of $69, below the stock’s recent trading level near $83; the shares have risen close to their 52-week high.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director Benjamin Wolff sold 24,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $83.54, for a total value of $2,004,960.00. Following the sale, the director owned 36,827 shares in the company, valued at approximately $3,076,527.58. This represents a 39.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Globalstar Trading Down 0.4%
NASDAQ GSAT opened at $83.22 on Thursday. Globalstar, Inc. has a 12 month low of $24.37 and a 12 month high of $84.85. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The stock has a 50 day moving average of $80.82 and a 200-day moving average of $73.80. The company has a market cap of $10.78 billion, a PE ratio of -163.18 and a beta of 1.58.
Globalstar (NASDAQ:GSAT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The firm had revenue of $64.77 million for the quarter. The business's quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts anticipate that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Clear Str cut Globalstar from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Finally, Wall Street Zen raised Globalstar to a "sell" rating in a research report on Saturday, August 8th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $69.00.
View Our Latest Stock Analysis on Globalstar
More Globalstar News
Here are the key news stories impacting Globalstar this week:
- Positive Sentiment: Institutional investors have continued building positions. Bank of New York Mellon acquired approximately $13.2 million of Globalstar shares in the second quarter, while Handelsbanken Fonder, Edgestream Partners and Janus Henderson also increased their holdings. Institutions own about 18.9% of the company.
- Neutral Sentiment: Reported short interest was zero shares as of August 11, indicating that short sellers are not a meaningful source of current trading pressure. However, the data also provides little indication of potential short-covering support.
- Negative Sentiment: Director Benjamin G. Wolff sold 32,711 shares for approximately $2.72 million on August 12 and another 24,000 shares for about $2.00 million on August 11, reducing his position by roughly 88.8% and 39.5%, respectively. General Counsel L. Barbee IV Ponder also sold 4,720 shares for $394,214 on August 11, following a 12,045-share sale worth approximately $1.00 million on August 7. The transactions could weigh on sentiment because they occurred while GSAT was trading near its 52-week high. Globalstar insider sale SEC filing
- Negative Sentiment: Globalstar’s latest quarterly results remain a fundamental concern: the company reported a $0.23 per-share loss versus the $0.09 consensus loss, revenue declined 3.5% year over year to $64.77 million, and analysts expect a full-year loss of $0.38 per share. The consensus analyst rating is “Hold,” with a $69 price target—well below the stock’s recent level—while Wall Street Zen recently assigned a “Sell” rating.
Hedge Funds Weigh In On Globalstar
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its position in shares of Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock valued at $1,733,000 after purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC boosted its holdings in shares of Globalstar by 4.6% during the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock worth $241,000 after buying an additional 160 shares during the period. Clearstead Trust LLC boosted its holdings in shares of Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock worth $130,000 after buying an additional 366 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar in the 4th quarter valued at about $26,000. Finally, NewEdge Advisors LLC grew its stake in Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company's stock valued at $57,000 after buying an additional 430 shares during the last quarter. 18.89% of the stock is owned by institutional investors.
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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