Globalstar (NASDAQ:GSAT) Trading Down 7.9% on Insider Selling

Shares of Globalstar, Inc. (NASDAQ:GSAT) dropped 7.9% during trading on Monday after an insider sold shares in the company. The stock traded as low as $57.35 and last traded at $57.98. Approximately 350,813 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 907,236 shares. The stock had previously closed at $62.95.

Specifically, CFO Rebecca Clary sold 16,316 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $58.32, for a total transaction of $951,549.12. Following the completion of the sale, the chief financial officer owned 98,374 shares in the company, valued at approximately $5,737,171.68. The trade was a 14.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 1,188 shares of Globalstar stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $60.84, for a total transaction of $72,277.92. Following the transaction, the chief financial officer owned 114,690 shares of the company’s stock, valued at $6,977,739.60. This represents a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other news, General Counsel L Barbee Iv Ponder sold 9,790 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $58.32, for a total transaction of $570,952.80. Following the completion of the sale, the general counsel directly owned 135,658 shares of the company’s stock, valued at $7,911,574.56. The trade was a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GSAT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research report on Wednesday, October 8th. B. Riley raised their target price on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Globalstar currently has an average rating of “Hold” and an average target price of $75.00.

Globalstar Stock Performance

The firm has a market cap of $7.80 billion, a PE ratio of -136.67 and a beta of 1.00. The stock’s 50 day simple moving average is $44.01. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $73.85 million for the quarter. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. Globalstar’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.06 earnings per share. Globalstar has set its FY 2025 guidance at EPS.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. PNC Financial Services Group Inc. increased its position in Globalstar by 2.2% in the third quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock worth $896,000 after buying an additional 540 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Globalstar by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock valued at $2,616,000 after buying an additional 546 shares during the last quarter. Cannell Capital LLC grew its stake in shares of Globalstar by 1.1% during the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after acquiring an additional 580 shares during the period. CWM LLC increased its holdings in Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after acquiring an additional 664 shares during the last quarter. Finally, KLP Kapitalforvaltning AS raised its stake in Globalstar by 7.4% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 10,120 shares of the company’s stock valued at $368,000 after acquiring an additional 700 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.