Globalstar (NASDAQ:GSAT) Shares Up 8.8% – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT)’s stock price shot up 8.8% during mid-day trading on Tuesday . The stock traded as high as $66.99 and last traded at $67.29. 95,216 shares changed hands during trading, a decline of 86% from the average session volume of 689,381 shares. The stock had previously closed at $61.82.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GSAT. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Craig Hallum reiterated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Globalstar has a consensus rating of “Hold” and an average price target of $69.00.

Globalstar Price Performance

The firm has a market capitalization of $8.50 billion, a PE ratio of -440.38, a P/E/G ratio of 104.75 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. The company has a fifty day moving average price of $60.48 and a two-hundred day moving average price of $55.92.

Insider Activity

In related news, General Counsel L Barbee Iv Ponder sold 682 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the sale, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction 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 $3,992,425.92. The trade was a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 4,999 shares of company stock valued at $293,646. 60.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar during the fourth quarter worth approximately $27,000. US Bancorp DE lifted its holdings in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares during the period. Fortitude Family Office LLC purchased a new position in Globalstar in the 3rd quarter valued at $37,000. Finally, Advisory Services Network LLC purchased a new position in Globalstar in the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.