Globalstar (NASDAQ:GSAT) Trading Down 7.9% – Here’s Why

Shares of Globalstar, Inc. (NASDAQ:GSAT) dropped 7.9% during trading on Monday . The company traded as low as $57.35 and last traded at $57.98. Approximately 350,813 shares were traded 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.

Analysts Set New Price Targets

A number of research analysts have issued reports on GSAT shares. B. Riley raised their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research note on Wednesday, October 8th. 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 issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Globalstar currently has a consensus rating of “Hold” and a consensus target price of $75.00.

Globalstar Stock Performance

The company has a debt-to-equity ratio of 1.30, a current ratio of 2.81 and a quick ratio of 2.72. The company has a 50 day moving average of $43.11. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of -129.98 and a beta of 1.00.

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

Insider Activity at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 4,572 shares of the stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $48.31, for a total value of $220,873.32. Following the completion of the sale, the chief financial officer owned 115,804 shares in the company, valued at approximately $5,594,491.24. This represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul E. Jacobs sold 53,479 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $34.95, for a total value of $1,869,091.05. Following the transaction, the chief executive officer owned 58,895 shares in the company, valued at approximately $2,058,380.25. This represents a 47.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 122,622 shares of company stock valued at $4,178,414. Corporate insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several large investors have recently added to or reduced their stakes in GSAT. Broad Bay Capital Management LP purchased a new position in shares of Globalstar during the 2nd quarter worth $18,405,000. Marshall Wace LLP lifted its holdings in Globalstar by 2,093.4% in the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock valued at $18,315,000 after acquiring an additional 742,271 shares during the last quarter. Senvest Management LLC grew its position in Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after acquiring an additional 452,624 shares during the period. Penserra Capital Management LLC increased its stake in Globalstar by 320.9% during the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after acquiring an additional 370,943 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Globalstar by 39.5% in the second quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after purchasing an additional 287,163 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Globalstar Company Profile

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.