Globalstar, Inc. (NASDAQ:GSAT) Receives Average Rating of “Hold” from Analysts

Shares of Globalstar, Inc. (NASDAQ:GSAT) have earned a consensus recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $75.6667.

A number of brokerages have recently issued reports on GSAT. Craig Hallum downgraded shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a report on Tuesday, August 18th. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th.

Globalstar Price Performance

GSAT stock traded down $0.18 on Monday, reaching $82.18. 48,779 shares of the company’s stock were exchanged, compared to its average volume of 1,157,092. The stock has a fifty day moving average of $81.00 and a 200-day moving average of $74.74. The firm has a market cap of $10.65 billion, a PE ratio of -160.91 and a beta of 1.58. 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 has a twelve month low of $26.44 and a twelve month high of $84.85.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, August 6th. The company reported ($0.23) 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%. Globalstar’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, equities analysts predict that Globalstar will post -0.62 EPS for the current fiscal year.

Insider Transactions at Globalstar

In related news, VP Timothy Evan Taylor sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $83.15, for a total value of $6,236,250.00. Following the completion of the transaction, the vice president directly owned 245,244 shares of the company’s stock, valued at $20,392,038.60. This trade represents a 23.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 12,045 shares of Globalstar stock in a transaction on Friday, August 7th. The stock was sold at an average price of $83.21, for a total value of $1,002,264.45. Following the transaction, the general counsel directly owned 131,303 shares of the company’s stock, valued at approximately $10,925,722.63. This represents a 8.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 173,496 shares of company stock valued at $14,414,424. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the business. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Globalstar in the fourth quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new position in shares of Globalstar during the 4th quarter worth approximately $27,000. Optiver Holding B.V. acquired a new position in shares of Globalstar during the 1st quarter worth approximately $32,000. US Bancorp DE lifted its stake in Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after buying an additional 430 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other 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.