Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director Benjamin Wolff sold 19,998 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $82.21, for a total transaction of $1,644,035.58. Following the sale, the director directly owned 4,116 shares in the company, valued at $338,376.36. This trade represents a 82.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Globalstar Stock Performance
GSAT stock opened at $82.11 on Tuesday. The stock has a 50-day moving average price of $81.00 and a 200-day moving average price of $74.88. Globalstar, Inc. has a 1-year low of $26.44 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. The firm has a market cap of $10.64 billion, a PE ratio of -161.00 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) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $64.77 million for the quarter. The business's revenue for the quarter was down 3.5% on a year-over-year basis. As a group, equities research analysts expect that Globalstar, Inc. will post -0.62 earnings per share for the current year.
Institutional Trading of Globalstar
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sculptor Capital LP bought a new position in Globalstar in the 1st quarter valued at about $15,742,000. Dimensional Fund Advisors LP increased its holdings in Globalstar by 7.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company's stock worth $15,363,000 after purchasing an additional 16,009 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Globalstar in the first quarter worth approximately $1,501,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Globalstar in the fourth quarter worth approximately $2,178,000. Finally, UBS Group AG lifted its holdings in shares of Globalstar by 166.9% in the fourth quarter. UBS Group AG now owns 526,566 shares of the company's stock valued at $32,142,000 after purchasing an additional 329,270 shares in the last quarter. Institutional investors own 18.89% of the company's stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on GSAT. Weiss Ratings upgraded shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a research note on Saturday, August 8th. Zacks Research cut shares of Globalstar from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. 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 lowered shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $75.67.
Read Our Latest Research Report on Globalstar
Globalstar Company Profile
(
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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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