Globalstar (NASDAQ:GSAT) Cut to Hold at Craig Hallum

Globalstar (NASDAQ:GSAT) was downgraded by research analysts at Craig Hallum from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $90.00 target price on the stock. Craig Hallum’s price target suggests a potential upside of 8.39% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Wall Street Zen raised Globalstar to a “sell” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.67.

Globalstar Trading Up 0.8%

Globalstar stock opened at $83.03 on Tuesday. Globalstar has a 12 month low of $24.37 and a 12 month high of $84.85. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of -162.80 and a beta of 1.58. The business has a 50 day moving average price of $80.87 and a two-hundred day moving average price of $74.21. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The firm had revenue of $64.77 million during the quarter. Globalstar’s revenue was down 3.5% compared to the same quarter last year. As a group, equities analysts forecast that Globalstar will post -0.62 EPS for the current year.

Insider Activity

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 4,720 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $83.52, for a total value of $394,214.40. Following the transaction, the general counsel directly owned 126,583 shares in the company, valued at $10,572,212.16. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Timothy Evan Taylor sold 75,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $83.15, for a total transaction of $6,236,250.00. Following the sale, the vice president directly owned 245,244 shares in the company, valued at $20,392,038.60. This represents a 23.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 173,496 shares of company stock worth $14,414,424. Company insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new position in shares of Globalstar in the 4th quarter worth approximately $27,000. Optiver Holding B.V. bought a new stake in Globalstar during the 1st quarter worth approximately $32,000. US Bancorp DE grew its position in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Globalstar during the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.