Key Points
- Globalstar director James Lynch sold 361,600 shares at an average price of $82.52, totaling approximately $29.84 million. The sale reduced his position by 50.74%, leaving him with 351,114 shares.
- Globalstar reported a quarterly loss of $0.23 per share, missing the $0.09 consensus estimate, while revenue fell 3.5% year over year to $64.77 million.
- Analyst sentiment is cautious: Globalstar has an average “Hold” rating and a $75.67 price target, below its $83.04 opening price cited in the article.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director James Lynch sold 361,600 shares of Globalstar stock in a transaction on Friday, September 18th. The stock was sold at an average price of $82.52, for a total transaction of $29,839,232.00. Following the completion of the sale, the director owned 351,114 shares of the company's stock, valued at approximately $28,973,927.28. This trade represents a 50.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Globalstar Trading Up 0.2%
NASDAQ GSAT opened at $83.04 on Tuesday. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of -162.82 and a beta of 1.51. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. Globalstar, Inc. has a 12 month low of $33.90 and a 12 month high of $84.85. The company's fifty day moving average price is $81.73 and its two-hundred day moving average price is $78.04.
Globalstar (NASDAQ:GSAT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share 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 company had revenue of $64.77 million during the quarter. The firm's quarterly revenue was down 3.5% on a year-over-year basis. As a group, research analysts predict that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Globalstar
Large investors have recently bought and sold shares of the business. Optiver Holding B.V. acquired a new position in Globalstar in the first quarter valued at approximately $32,000. Parkside Financial Bank & Trust raised its position in shares of Globalstar by 879.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company's stock worth $62,000 after purchasing an additional 686 shares during the period. Meeder Asset Management Inc. raised its position in shares of Globalstar by 169.0% during the 1st quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company's stock worth $80,000 after purchasing an additional 752 shares during the period. Allworth Financial LP lifted its holdings in shares of Globalstar by 90.0% in the 2nd quarter. Allworth Financial LP now owns 1,043 shares of the company's stock worth $85,000 after purchasing an additional 494 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Globalstar in the 2nd quarter worth approximately $97,000. Institutional investors own 18.89% of the company's stock.
Analyst Ratings Changes
Several analysts have issued reports on GSAT shares. Zacks Research cut Globalstar from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Craig Hallum downgraded Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price target for the company. in a report on Tuesday, August 18th. Wall Street Zen raised Globalstar to a "sell" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Globalstar in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Globalstar currently has an average rating of "Hold" and an average price target of $75.67.
View Our Latest Report on Globalstar
Globalstar Company Profile
(
Get Free Report)
Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.
Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.
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