Key Points
- Director James Lynch sold 110,000 Globalstar shares for approximately $9.0 million at an average price of $81.78, reducing his ownership by 13.37% to 712,714 shares.
- Globalstar reported weak quarterly results, with an adjusted loss of $0.23 per share versus the $0.09 expected and revenue of $64.77 million, down 3.5% year over year.
- Analyst sentiment is cautious: Globalstar has a consensus “Hold” rating and a $75.67 price target, while institutional investors own 18.89% of the company.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director James Lynch sold 110,000 shares of the business's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the transaction, the director owned 712,714 shares in the company, valued at $58,285,750.92. The trade was a 13.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Globalstar Stock Down 0.3%
Shares of NASDAQ GSAT opened at $81.82 on Thursday. Globalstar, Inc. has a 12-month low of $27.64 and a 12-month high of $84.85. The stock has a market cap of $10.60 billion, a PE ratio of -160.43 and a beta of 1.58. 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 company has a 50-day moving average of $81.09 and a 200 day moving average of $75.25.
Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.14). The business had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. Globalstar's quarterly revenue was down 3.5% on a year-over-year basis. As a group, sell-side analysts predict that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.
Institutional Investors Weigh In On Globalstar
Institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its holdings in shares of Globalstar by 9,143.6% during the second quarter. California State Teachers Retirement System now owns 5,506,585 shares of the company's stock worth $447,630,000 after buying an additional 5,447,013 shares during the last quarter. UBS Group AG increased its position in Globalstar by 166.9% in the 4th quarter. UBS Group AG now owns 526,566 shares of the company's stock valued at $32,142,000 after acquiring an additional 329,270 shares during the period. Defiance ETFs LLC purchased a new stake in Globalstar during the 4th quarter valued at approximately $19,461,000. Sculptor Capital LP acquired a new stake in Globalstar during the 1st quarter worth approximately $15,742,000. Finally, Senvest Management LLC lifted its position in Globalstar by 27.7% during the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company's stock worth $57,715,000 after acquiring an additional 188,325 shares during the period. Hedge funds and other institutional investors own 18.89% of the company's stock.
Analysts Set New Price Targets
A number of research firms have weighed in on GSAT. Craig Hallum lowered Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price objective on the stock. in a research note on Tuesday, August 18th. Wall Street Zen raised Globalstar to a "sell" rating in a research note on Saturday, August 8th. Zacks Research lowered Globalstar from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Finally, Clear Str cut shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Globalstar presently has a consensus rating of "Hold" and a consensus target price of $75.67.
View Our Latest Research Report on GSAT
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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