Key Points
- Globalstar VP Timothy Evan Taylor sold 75,000 shares for approximately $6.24 million at an average price of $83.15, reducing his ownership by 23.42% to 245,244 shares.
- Globalstar’s latest quarterly results missed expectations, with an adjusted loss of $0.23 per share versus the $0.09 consensus estimate and revenue of $64.77 million, down 3.5% year over year.
- GSAT trades near its 52-week high at $82.61, while analysts maintain a consensus “Hold” rating with a $69 price target; institutional investors own 18.89% of the stock.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) VP Timothy Evan Taylor sold 75,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the transaction, the vice president owned 245,244 shares in the company, valued at $20,392,038.60. This trade represents a 23.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Globalstar Stock Performance
Shares of NASDAQ GSAT opened at $82.61 on Friday. The stock's 50-day moving average is $80.82 and its 200 day moving average is $73.92. The stock has a market cap of $10.70 billion, a price-to-earnings ratio of -161.98 and a beta of 1.58. Globalstar, Inc. has a 1-year low of $24.37 and a 1-year 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.
Globalstar (NASDAQ:GSAT - Get Free Report) last issued 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). 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 during the quarter. The firm's revenue for the quarter was down 3.5% on a year-over-year basis. On average, sell-side analysts anticipate that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.
Hedge Funds Weigh In On Globalstar
A number of large investors have recently bought and sold shares of GSAT. Bank of New York Mellon Corp bought a new stake in Globalstar in the second quarter valued at approximately $13,233,000. Handelsbanken Fonder AB grew its holdings 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. increased its stake in shares of Globalstar by 64.2% in the first quarter. Edgestream Partners L.P. now owns 23,329 shares of the company's stock worth $1,550,000 after buying an additional 9,118 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Globalstar by 11.6% during the 1st quarter. Janus Henderson Group PLC now owns 22,702 shares of the company's stock valued at $1,507,000 after buying an additional 2,367 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on GSAT. Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 7th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a research note on Saturday, August 8th. Finally, Clear Str lowered shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Two equities 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 company currently has a consensus rating of "Hold" and a consensus price target of $69.00.
Check Out Our Latest 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 Stories
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].
