Key Points
- Globalstar CFO Rebecca Clary sold 23,250 shares for about $2.0 million at an average price of $86.13, reducing her holdings by 24.08% to 73,290 shares.
- Globalstar reported quarterly revenue of $70.9 million but missed earnings expectations, posting a loss of $0.14 per share versus the $0.12 loss analysts forecast.
- Analyst sentiment is cautious: four analysts rate the stock Hold and one rates it Sell, giving GSAT a consensus “Reduce” rating and a $76 price target.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) CFO Rebecca Clary sold 23,250 shares of the stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $86.13, for a total value of $2,002,522.50. Following the completion of the sale, the chief financial officer owned 73,290 shares of the company's stock, valued at $6,312,467.70. This trade represents a 24.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Rebecca Clary also recently made the following trade(s):
- On Friday, August 14th, Rebecca Clary sold 24,100 shares of Globalstar stock. The stock was sold at an average price of $82.17, for a total value of $1,980,297.00.
Globalstar Stock Performance
NASDAQ GSAT opened at $86.24 on Friday. Globalstar, Inc. has a one year low of $53.67 and a one year high of $86.97. The company has a quick ratio of 1.54, a current ratio of 1.59 and a debt-to-equity ratio of 1.06. The stock's 50-day moving average is $83.15 and its 200-day moving average is $76.81.
Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Globalstar had a negative net margin of 28.53% and a negative return on equity of 23.10%. The business had revenue of $70.90 million during the quarter. On average, equities research analysts anticipate that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on GSAT. Craig Hallum lowered shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price target on the stock. in a research note on Tuesday, August 18th. Wall Street Zen raised shares of Globalstar from a "sell" rating to a "hold" rating in a research report on Saturday, November 7th. Weiss Ratings lowered shares of Globalstar from a "hold (c)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd. Finally, Zacks Research raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a research report on Thursday, October 15th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Globalstar currently has a consensus rating of "Reduce" and a consensus target price of $76.00.
Get Our Latest Report on GSAT
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. Senvest Management LLC grew its holdings in shares of Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company's stock worth $57,715,000 after buying an additional 188,325 shares in the last quarter. Sculptor Capital LP acquired a new stake in Globalstar in the 1st quarter valued at approximately $15,742,000. Dimensional Fund Advisors LP raised its position in Globalstar by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company's stock valued at $15,363,000 after buying an additional 16,009 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Globalstar in the 2nd quarter valued at approximately $13,233,000. Finally, New York Life Investment Management LLC lifted its stake in Globalstar by 5.5% in the 3rd quarter. New York Life Investment Management LLC now owns 81,553 shares of the company's stock valued at $6,760,000 after acquiring an additional 4,235 shares in the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.
About Globalstar
(
Get Free Report)
Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.
Further Reading
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