Globalstar (NASDAQ:GSAT) CFO Sells $322,354.45 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 4,037 shares of Globalstar stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $79.85, for a total transaction of $322,354.45. Following the sale, the chief financial officer directly owned 115,741 shares in the company, valued at $9,241,918.85. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rebecca Clary also recently made the following trade(s):

• On Wednesday, March 11th, Rebecca Clary sold 762 shares of Globalstar stock. The shares were sold at an average price of $57.31, for a total transaction of $43,670.22.
• On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The shares were sold at an average price of $55.38, for a total transaction of $19,438.38.

Globalstar Trading Down 0.0%

GSAT opened at $80.02 on Friday. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $81.07. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of -533.43, a PEG ratio of 130.66 and a beta of 1.46. The company’s 50 day moving average price is $64.27 and its two-hundred day moving average price is $59.60.

Globalstar (NASDAQ:GSAT) last posted its earnings results on Friday, February 27th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.12). Globalstar had a negative return on equity of 1.02% and a negative net margin of 6.10%.The business had revenue of $71.96 million for the quarter, compared to the consensus estimate of $71.80 million. Globalstar’s revenue for the quarter was up 17.6% on a year-over-year basis.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently modified their holdings of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar in the 4th quarter valued at $26,000. Meeder Asset Management Inc. bought a new stake in shares of Globalstar in the 4th quarter valued at $27,000. US Bancorp DE boosted its stake in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after purchasing an additional 430 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Globalstar in the 4th quarter valued at $61,000. 18.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on GSAT. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Finally, Craig Hallum reissued a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Globalstar currently has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Company Profile

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.