Benjamin Wolff Sells 24,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 24,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $83.54, for a total value of $2,004,960.00. Following the transaction, the director owned 36,827 shares in the company, valued at approximately $3,076,527.58. This trade represents a 39.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Globalstar Stock Performance

NASDAQ:GSAT opened at $82.61 on Friday. The stock has a fifty day moving average price of $80.82 and a 200-day moving average price of $73.92. The company has a market cap of $10.70 billion, a price-to-earnings ratio of -161.98 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. Globalstar, Inc. has a fifty-two week low of $24.37 and a fifty-two week high of $84.85.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million during the quarter. Globalstar’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, equities analysts anticipate that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG boosted its holdings in shares of Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after acquiring an additional 329,270 shares in the last quarter. Defiance ETFs LLC bought a new position in Globalstar in the fourth quarter valued at about $19,461,000. Sculptor Capital LP bought a new position in Globalstar in the first quarter valued at about $15,742,000. Senvest Management LLC grew its holdings in shares of Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after purchasing an additional 188,325 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of Globalstar during the fourth quarter worth about $11,471,000. Institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GSAT. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded Globalstar to a “sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Globalstar has a consensus rating of “Hold” and an average price target 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.