Globalstar (NASDAQ:GSAT) Sets New 12-Month High – Here’s What Happened

Globalstar, Inc. (NASDAQ:GSAT) shares hit a new 52-week high on Tuesday . The stock traded as high as $83.00 and last traded at $82.67, with a volume of 1141355 shares trading hands. The stock had previously closed at $82.25.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Craig Hallum reaffirmed a “buy” rating and set a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Globalstar has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Trading Up 0.5%

The firm has a market capitalization of $10.65 billion, a P/E ratio of -551.13, a price-to-earnings-growth ratio of 134.02 and a beta of 1.56. The business’s 50-day moving average is $70.36 and its 200 day moving average is $63.61. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The business had revenue of $70.06 million for the quarter. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, analysts anticipate that Globalstar, Inc. will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 1,153 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $66,078.43. Following the transaction, the chief executive officer directly owned 61,080 shares of the company’s stock, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 4,066 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84. Following the completion of the transaction, the chief financial officer directly owned 121,198 shares in the company, valued at approximately $9,846,125.52. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 12,257 shares of company stock valued at $890,722 in the last ninety days. 60.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Globalstar in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. bought a new position in Globalstar in the 4th quarter valued at about $27,000. US Bancorp DE increased its holdings 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 during the period. NewEdge Advisors LLC increased its holdings 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 during the period. Finally, International Assets Investment Management LLC bought a new position in Globalstar in the 4th quarter valued at about $61,000. 18.89% of the stock is owned by 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.