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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have received a consensus rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $69.00.

Several equities analysts have commented on the stock. Craig Hallum reissued a “buy” rating and set a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th.

Globalstar Stock Down 0.2%

Globalstar stock opened at $81.01 on Wednesday. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of -540.07 and a beta of 1.55. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The company’s 50-day moving average price is $79.77 and its two-hundred day moving average price is $68.09. Globalstar has a 52 week low of $21.08 and a 52 week high of $84.69.

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

Insider Transactions at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 714 shares of the company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer directly owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. This represents a 1.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rebecca Clary sold 920 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $81.75, for a total transaction of $75,210.00. Following the completion of the sale, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at $9,832,726.50. The trade was a 0.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 9,737 shares of company stock valued at $770,412 over the last three months. 60.00% of the stock is owned by corporate insiders.

Institutional Trading of Globalstar

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Optiver Holding B.V. acquired a new stake in Globalstar during the 1st quarter worth about $32,000. Edgestream Partners L.P. raised its holdings in Globalstar by 64.2% during the 1st quarter. Edgestream Partners L.P. now owns 23,329 shares of the company’s stock worth $1,550,000 after buying an additional 9,118 shares during the period. Janus Henderson Group PLC raised its holdings in Globalstar by 11.6% during the 1st quarter. Janus Henderson Group PLC now owns 22,702 shares of the company’s stock worth $1,507,000 after buying an additional 2,367 shares during the period. Amundi raised its holdings in Globalstar by 11.7% during 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 period. Finally, EverSource Wealth Advisors LLC raised its holdings in Globalstar by 12,975.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,184 shares of the company’s stock worth $278,000 after buying an additional 4,152 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.