Globalstar (NASDAQ:GSAT) CFO Rebecca Clary Sells 24,100 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 24,100 shares of Globalstar stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $82.17, for a total value of $1,980,297.00. Following the completion of the sale, the chief financial officer directly 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 legal filing with the SEC, which is available through the SEC website.

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

• On Thursday, June 4th, Rebecca Clary sold 920 shares of Globalstar stock. The shares were sold at an average price of $81.75, for a total value of $75,210.00.

Globalstar Stock Up 0.8%

NASDAQ:GSAT traded up $0.64 during trading hours on Monday, reaching $83.03. 751,894 shares of the stock were exchanged, compared to its average volume of 1,175,111. The stock has a market cap of $10.76 billion, a PE ratio of -162.80 and a beta of 1.58. Globalstar, Inc. has a twelve month low of $24.37 and a twelve month high of $84.85. The firm has a 50 day moving average of $80.84 and a 200 day moving average of $74.08. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The business had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities analysts expect that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen upgraded Globalstar to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Globalstar has an average rating of “Hold” and an average price target of $69.00.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in Globalstar during the fourth quarter worth $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar in the fourth quarter valued at approximately $27,000. Optiver Holding B.V. bought a new stake in Globalstar in the 1st quarter valued at $32,000. US Bancorp DE lifted 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 during the last quarter. Finally, NewEdge Advisors LLC boosted its position in Globalstar by 85.1% during the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after purchasing an additional 430 shares during the period. 18.89% of the stock is owned by institutional investors.

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.