Globalstar, Inc. (NASDAQ:GSAT) Given Consensus Rating of “Hold” by Analysts

Globalstar, Inc. (NASDAQ:GSAT) has earned a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $69.00.

A number of equities analysts have recently weighed in on GSAT shares. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a report on Monday, March 2nd.

Insider Buying and Selling

In related news, CFO Rebecca Clary sold 4,066 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the transaction, the chief financial officer 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the transaction, the general counsel owned 143,348 shares in the company, valued at $8,215,273.88. This represents a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,257 shares of company stock worth $890,722. Insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Globalstar by 2.8% in the third quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after buying an additional 141,451 shares during the last quarter. Greenhouse Funds LLLP increased its holdings in Globalstar by 6.1% in the third quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after buying an additional 123,676 shares during the last quarter. Ashford Capital Management Inc. increased its holdings in Globalstar by 3.8% in the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after buying an additional 51,703 shares during the last quarter. State Street Corp increased its holdings in Globalstar by 2.4% in the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock worth $82,030,000 after buying an additional 31,977 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Globalstar by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after buying an additional 4,799 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Price Performance

Shares of GSAT opened at $83.00 on Friday. The company has a market capitalization of $10.69 billion, a price-to-earnings ratio of -553.33 and a beta of 1.56. Globalstar has a fifty-two week low of $17.91 and a fifty-two week high of $83.15. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The business’s 50-day moving average is $74.48 and its 200-day moving average is $65.81.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The business had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts expect that Globalstar will post -0.02 EPS for the current fiscal year.

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.