Globalstar (NASDAQ:GSAT – Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02), FiscalAI reports. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm had revenue of $70.90 million for the quarter.
Globalstar Stock Up 1.3%
Shares of Globalstar stock traded up $1.09 on Friday, reaching $84.62. The stock had a trading volume of 442,872 shares, compared to its average volume of 1,048,665. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $10.96 billion, a P/E ratio of -165.91 and a beta of 1.52. The company has a 50 day moving average price of $82.74 and a 200 day moving average price of $76.22. Globalstar has a 1 year low of $47.25 and a 1 year high of $85.10.
Insider Buying and Selling
In other news, CFO Rebecca Clary sold 24,100 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $82.17, for a total transaction of $1,980,297.00. Following the completion of the sale, the chief financial officer owned 96,540 shares in the company, valued at approximately $7,932,691.80. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Benjamin G. Wolff sold 19,998 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the completion of the sale, the director directly owned 4,116 shares of the company’s stock, valued at $337,429.68. The trade was a 82.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 673,819 shares of company stock valued at $55,595,821 over the last quarter. Insiders own 60.00% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of GSAT. Sculptor Capital LP acquired a new position in shares of Globalstar in the 1st quarter valued at about $15,742,000. Governors Lane LP acquired a new position in Globalstar in the second quarter valued at approximately $3,016,000. Nisa Investment Advisors LLC lifted its holdings in Globalstar by 923.3% in the third quarter. Nisa Investment Advisors LLC now owns 18,430 shares of the company’s stock valued at $1,528,000 after acquiring an additional 16,629 shares during the period. BlueCrest Capital Management Ltd purchased a new stake in Globalstar in the 2nd quarter worth approximately $975,000. Finally, Dimensional Fund Advisors LP boosted 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 worth $15,363,000 after purchasing an additional 16,009 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings downgraded shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Craig Hallum lowered shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective on the stock. in a research report on Tuesday, August 18th. Finally, Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Globalstar currently has a consensus rating of “Hold” and a consensus price target of $75.67.
Read Our Latest Stock Analysis on GSAT
About Globalstar
Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.
The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.
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