Globalstar (NASDAQ:GSAT) Stock Bumped Up to Hold by Zacks Research

Globalstar (NASDAQ:GSAT) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

A number of other research firms also recently issued reports on GSAT. Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings downgraded Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Finally, Craig Hallum lowered shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research note on Tuesday, August 18th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $75.67.

Globalstar Trading Down 0.7%

Shares of NASDAQ GSAT traded down $0.59 during trading hours on Thursday, reaching $82.38. The stock had a trading volume of 700,921 shares, compared to its average volume of 637,315. Globalstar has a 52-week low of $40.50 and a 52-week high of $84.85. The firm has a market cap of $10.67 billion, a price-to-earnings ratio of -161.53 and a beta of 1.45. The business’s fifty day moving average price is $82.54 and its two-hundred day moving average price is $80.98. 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 released its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. Analysts expect that Globalstar will post -0.62 EPS for the current fiscal year.

Insider Activity at Globalstar

In other news, Director Benjamin G. Wolff sold 19,998 shares of Globalstar stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the transaction, the director directly owned 4,116 shares in the company, valued at approximately $337,429.68. This trade represents a 82.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Monroe, III purchased 361,600 shares of Globalstar stock in a transaction dated Friday, September 18th. The stock was bought at an average cost of $82.52 per share, with a total value of $29,839,232.00. Following the completion of the transaction, the director owned 408,253 shares in the company, valued at approximately $33,689,037.56. This represents a 775.08% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 685,864 shares of company stock valued at $56,598,086 over the last 90 days. Insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised 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 in the last quarter. Clay Northam Wealth Management LLC lifted its position in shares of Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after buying an additional 160 shares during the last quarter. TD Waterhouse Canada Inc. boosted its holdings in shares of Globalstar by 3.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock valued at $652,000 after buying an additional 234 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Globalstar by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 14,193 shares of the company’s stock valued at $1,154,000 after buying an additional 258 shares in the last quarter. Finally, Amundi grew its position in shares of Globalstar by 11.7% in the 1st quarter. Amundi now owns 4,173 shares of the company’s stock worth $277,000 after buying an additional 437 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc (NASDAQ: GSAT) provides satellite communications and connectivity services to customers in North America, South America, Europe, Australia, and other regions. The company operates a constellation of low-Earth-orbit satellites and a network of ground stations that support voice, data, asset-tracking, and other communications applications, particularly in areas with limited or no traditional cellular coverage.

Its products and services include two-way mobile satellite voice and data communications, one-way satellite messaging and tracking, and connectivity solutions for industries such as government, transportation, maritime, emergency response, recreation, and natural-resource management.