Globalstar, Inc. (NASDAQ:GSAT) Receives Average Rating of “Hold” from Brokerages

Globalstar, Inc. (NASDAQ:GSAT) has been assigned a consensus recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $69.00.

A number of equities analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. 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 on the stock. Finally, 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.

Globalstar Trading Up 2.8%

NASDAQ:GSAT traded up $1.68 during trading hours on Friday, hitting $61.96. 161,683 shares of the company were exchanged, compared to its average volume of 669,284. The company has a fifty day simple moving average of $60.37 and a 200 day simple moving average of $55.21. Globalstar has a one year low of $17.24 and a one year high of $74.88. The stock has a market capitalization of $7.96 billion, a price-to-earnings ratio of -416.33, a price-to-earnings-growth ratio of 110.01 and a beta of 1.43. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.

Insiders Place Their Bets

In other news, CFO Rebecca Clary sold 762 shares of Globalstar stock in a transaction dated 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 transaction, the chief financial officer directly owned 110,254 shares of the company’s stock, valued at approximately $6,318,656.74. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the company’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 $39,085.42. Following the sale, the general counsel owned 143,348 shares in the company, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 7,519 shares of company stock worth $448,425. Company insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GSAT. Acadian Asset Management LLC bought a new stake in Globalstar in the first quarter valued at $99,000. Geode Capital Management LLC raised its stake in Globalstar by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock worth $30,019,000 after buying an additional 20,514 shares during the period. Handelsbanken Fonder AB acquired a new position in Globalstar during the 2nd quarter worth approximately $264,000. Legal & General Group Plc boosted its holdings in Globalstar by 6.3% in the second quarter. Legal & General Group Plc now owns 58,950 shares of the company’s stock worth $1,388,000 after acquiring an additional 3,486 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Globalstar by 7.0% in the second quarter. Rhumbline Advisers now owns 74,458 shares of the company’s stock valued at $1,754,000 after acquiring an additional 4,845 shares during the period. 18.89% of the stock is owned by institutional investors.

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.