Key Points
- VP Timothy Taylor sold 90,000 Globalstar shares at an average $86.30 each, worth about $7.77 million, reducing his direct stake by 52.87% to 80,244 shares. He had also sold 19,998 shares the previous day.
- Globalstar reported quarterly EPS of -$0.14, missing the consensus estimate of -$0.12, on revenue of $70.9 million.
- Analyst sentiment is cautious: MarketBeat cites an average “Reduce” rating and a consensus price target of about $76, below the stock’s roughly $86 price.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) VP Timothy Taylor sold 19,998 shares of the stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $86.16, for a total value of $1,723,027.68. Following the sale, the vice president owned 255,467 shares in the company, valued at approximately $22,011,036.72. This represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Timothy Evan Taylor also recently made the following trade(s):
- On Thursday, November 12th, Timothy Taylor sold 90,000 shares of Globalstar stock. The stock was sold at an average price of $86.30, for a total value of $7,767,000.00.
Globalstar Stock Up 0.1%
Shares of GSAT stock traded up $0.05 during mid-day trading on Friday, hitting $86.29. The company's stock had a trading volume of 820,728 shares, compared to its average volume of 1,036,561. Globalstar, Inc. has a 52-week low of $53.67 and a 52-week high of $86.96. The business has a 50-day moving average price of $83.24 and a 200 day moving average price of $76.92. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.54 and a current ratio of 1.59. The stock has a market cap of $11.18 billion, a price-to-earnings ratio of -134.83 and a beta of 1.52.
Globalstar (NASDAQ:GSAT - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $70.90 million for the quarter. Research analysts predict that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.
Latest Globalstar News
Investors following GSAT have been watching these news items:
- Negative Sentiment: Several executives sold shares: VP Timothy Taylor sold a reported 90,000 shares on November 12 and 19,998 shares on November 11; CFO Rebecca Clary sold 23,250 shares; and General Counsel L. Ponder IV sold 2,308 shares. The cluster of insider selling could weigh on sentiment, although the filings do not explain the sellers’ motives. Insider trading report CFO sale report
- Negative Sentiment: Analyst coverage is cautious: the cited consensus target is about $75.67, below the share price near $86, and the ratings summary characterizes the consensus as “Reduce.” This valuation gap may temper investor enthusiasm. Analyst price target report
Analyst Ratings Changes
GSAT has been the topic of several research reports. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a report on Thursday, October 15th. Craig Hallum lowered shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 target price for the company. in a research note on Tuesday, August 18th. Weiss Ratings cut Globalstar from a "hold (c)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd. Finally, Wall Street Zen raised Globalstar from a "sell" rating to a "hold" rating in a report on Saturday, November 7th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $76.00.
Get Our Latest Report on Globalstar
Institutional Investors Weigh In On Globalstar
A number of large investors have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of Globalstar during the 3rd quarter valued at about $27,000. Fifth Third Bancorp bought a new position in shares of Globalstar in the 3rd quarter worth approximately $29,000. Optiver Holding B.V. bought a new position in shares of Globalstar in the 1st quarter worth approximately $32,000. Parallel Advisors LLC boosted its holdings in shares of Globalstar by 114.1% in the third quarter. Parallel Advisors LLC now owns 516 shares of the company's stock worth $43,000 after buying an additional 275 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Globalstar by 879.5% in the second quarter. Parkside Financial Bank & Trust now owns 764 shares of the company's stock worth $62,000 after buying an additional 686 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.
Globalstar Company Profile
(
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.
See Also
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].
