Globalstar (NASDAQ:GSAT) Posts Earnings Results, Misses Expectations By $0.14 EPS

Globalstar (NASDAQ:GSAT) posted its earnings results on Thursday. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14), FiscalAI reports. The firm had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The business’s quarterly revenue was down 3.5% on a year-over-year basis.

Globalstar Stock Performance

Shares of GSAT traded down $0.21 during mid-day trading on Thursday, hitting $83.24. 814,920 shares of the company’s stock were exchanged, compared to its average volume of 1,075,271. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. Globalstar has a 52 week low of $24.37 and a 52 week high of $84.85. The stock’s 50-day simple moving average is $80.76 and its 200-day simple moving average is $73.18. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of -554.93 and a beta of 1.58.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GSAT. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $69.00.

Insider Activity

In related news, CFO Rebecca Clary sold 920 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00. Following the sale, the chief financial officer owned 120,278 shares of the company’s stock, valued at $9,832,726.50. This represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in shares of Globalstar during the 1st quarter worth approximately $99,000. Invesco Ltd. increased its stake in Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after acquiring an additional 3,462 shares during the last quarter. BNP Paribas Financial Markets raised its position in Globalstar by 80.9% during the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares in the last quarter. Corient Private Wealth LLC raised its position in Globalstar by 28.4% during the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after purchasing an additional 3,334 shares in the last quarter. Finally, Cannell Capital LLC lifted its stake in Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

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.