Rebecca Clary Sells 920 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 920 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total value of $75,210.00. Following the sale, the chief financial officer owned 120,278 shares of the company’s stock, valued at approximately $9,832,726.50. The trade was a 0.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, April 28th, Rebecca Clary sold 4,066 shares of Globalstar stock. The shares were sold at an average price of $81.24, for a total value of $330,321.84.
• On Wednesday, April 15th, Rebecca Clary sold 4,037 shares of Globalstar stock. The shares were sold at an average price of $79.85, for a total value of $322,354.45.
• 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 value 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 value of $19,438.38.

Globalstar Stock Performance

Globalstar stock traded up $1.06 during trading hours on Thursday, hitting $82.66. The stock had a trading volume of 1,106,180 shares, compared to its average volume of 1,136,878. The company has a 50-day moving average of $78.74 and a two-hundred day moving average of $67.64. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The company has a market cap of $10.65 billion, a PE ratio of -551.08 and a beta of 1.55. Globalstar, Inc. has a fifty-two week low of $19.27 and a fifty-two week high of $84.69.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.14). The firm had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The firm’s revenue was up 16.7% on a year-over-year basis. On average, equities research analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar during the 4th quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar during the 4th quarter valued at $27,000. Optiver Holding B.V. acquired a new stake in Globalstar during the 1st quarter valued at $32,000. US Bancorp DE increased its holdings in Globalstar by 610.7% during 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 in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Globalstar by 85.1% during 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 in the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GSAT. Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Finally, Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $69.00.

About Globalstar

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.