Globalstar (NASDAQ:GSAT) Issues Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Globalstar (NASDAQ:GSAT) posted its earnings results on Thursday. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14), FiscalAI reports. The business 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 3.71%. The firm’s revenue was up 16.7% compared to the same quarter last year.

Globalstar Stock Up 0.7%

GSAT stock traded up $0.61 during trading hours on Friday, hitting $82.09. The company’s stock had a trading volume of 929,035 shares, compared to its average volume of 2,146,020. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $10.56 billion, a PE ratio of -547.27, a price-to-earnings-growth ratio of 133.03 and a beta of 1.56. Globalstar has a 12 month low of $17.24 and a 12 month high of $82.85. The stock has a 50 day moving average price of $69.50 and a two-hundred day moving average price of $63.08.

Insider Transactions at Globalstar

In other news, CEO Paul E. Jacobs sold 714 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer directly owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the sale, the general counsel owned 143,348 shares of the company’s stock, valued at $8,215,273.88. The trade was a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 12,257 shares of company stock worth $890,722. 60.00% of the stock is owned by insiders.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in shares of Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after buying an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC lifted its stake in shares of Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after buying an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Globalstar by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after buying an additional 248 shares during the last quarter. Clearstead Trust LLC lifted its stake in shares of Globalstar by 20.7% in the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after buying an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar in the fourth quarter worth $26,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on GSAT. Weiss Ratings raised shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Craig Hallum reissued a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Globalstar has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Company Profile

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.