Globalstar (NASDAQ:GSAT) Stock Price Up 19.4% – Here’s What Happened

Globalstar, Inc. (NASDAQ:GSAT) shares shot up 19.4% on Wednesday . The stock traded as high as $73.48 and last traded at $72.9590. 681,407 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 629,313 shares. The stock had previously closed at $61.09.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GSAT. 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 objective for the company. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Finally, Craig Hallum reissued a “buy” rating and set a $70.00 target price on shares of Globalstar in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $69.00.

Globalstar Stock Performance

The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $8.84 billion, a PE ratio of -458.82, a PEG ratio of 98.94 and a beta of 1.43. The business has a 50 day simple moving average of $60.34 and a 200 day simple moving average of $55.09.

Insider Activity at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 1,153 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $66,078.43. Following the transaction, the chief executive officer owned 61,080 shares in the company, valued at approximately $3,500,494.80. This represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the firm’s stock in a transaction on Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the transaction, the general counsel directly owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This represents a 0.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,519 shares of company stock valued at $448,425 in the last three months. 60.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently made changes to their positions in GSAT. Broad Bay Capital Management LP purchased a new position in Globalstar in the 2nd quarter worth $18,405,000. Marshall Wace LLP increased its holdings in shares of Globalstar by 2,093.4% in the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock valued at $18,315,000 after purchasing an additional 742,271 shares during the period. UBS Group AG increased its holdings in shares of Globalstar by 166.9% in the fourth quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after purchasing an additional 329,270 shares during the period. Defiance ETFs LLC purchased a new position in shares of Globalstar in the fourth quarter worth about $19,461,000. Finally, American Century Companies Inc. raised its stake in shares of Globalstar by 39.5% in the second quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock worth $23,888,000 after purchasing an additional 287,163 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

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.