Globalstar (NASDAQ:GSAT) Trading Down 5.5% – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT)’s stock price dropped 5.5% during trading on Monday . The company traded as low as $72.82 and last traded at $73.4520. Approximately 404,857 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 776,927 shares. The stock had previously closed at $77.73.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GSAT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Craig Hallum restated a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Down 5.8%

The firm has a market cap of $9.42 billion, a PE ratio of -491.77, a PEG ratio of 126.91 and a beta of 1.46. The stock has a 50 day simple moving average of $61.26 and a 200-day simple moving average of $57.07. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Insider Activity

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the transaction, the general counsel owned 143,348 shares of the company’s stock, valued at $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Clary sold 762 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $43,670.22. Following the completion of the sale, the chief financial officer owned 110,254 shares of the company’s stock, valued at $6,318,656.74. The trade was a 0.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,999 shares of company stock valued at $293,646 over the last three months. Insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar during the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new position in Globalstar during the 4th quarter valued at about $27,000. US Bancorp DE boosted its position in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares in the last quarter. Fortitude Family Office LLC bought a new position in Globalstar in the third quarter worth about $37,000. Finally, Advisory Services Network LLC acquired a new stake in Globalstar in the third quarter valued at approximately $40,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.