Globalstar (NASDAQ:GSAT) Director Buys $29,839,232.00 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Monroe, III acquired 361,600 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The stock was bought at an average price of $82.52 per share, with a total value of $29,839,232.00. Following the completion of the acquisition, the director directly owned 408,253 shares of the company’s stock, valued at $33,689,037.56. This trade represents a 775.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Globalstar Stock Down 0.0%

Shares of GSAT opened at $82.50 on Thursday. The stock’s 50-day moving average price is $81.81 and its two-hundred day moving average price is $78.36. Globalstar, Inc. has a 12 month low of $33.90 and a 12 month high of $84.85. The company has a market capitalization of $10.69 billion, a PE ratio of -161.76 and a beta of 1.51. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate 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. The firm’s revenue was down 3.5% on a year-over-year basis. On average, analysts anticipate that Globalstar, Inc. will post -0.62 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GSAT. Weiss Ratings downgraded shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research report on Tuesday. Craig Hallum downgraded shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a research note on Tuesday, August 18th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Finally, Wall Street Zen raised shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Globalstar currently has a consensus rating of “Reduce” and a consensus target price of $75.67.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. grew its holdings in 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 purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC increased its stake in Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after purchasing an additional 160 shares in the last quarter. TD Waterhouse Canada Inc. raised its holdings in shares of Globalstar by 3.0% during the second quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock valued at $652,000 after purchasing an additional 234 shares during the period. Arizona State Retirement System raised its holdings in shares of Globalstar by 1.9% during the second quarter. Arizona State Retirement System now owns 14,193 shares of the company’s stock valued at $1,154,000 after purchasing an additional 258 shares during the period. Finally, Clearstead Trust LLC boosted its position in shares of Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after purchasing an additional 366 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Globalstar Company Profile

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.