Globalstar (NASDAQ:GSAT) Hits New 1-Year High – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT) shares reached a new 52-week high on Wednesday . The stock traded as high as $84.22 and last traded at $83.59, with a volume of 1495448 shares traded. The stock had previously closed at $83.00.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GSAT shares. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings upgraded shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Finally, Craig Hallum reiterated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Trading Up 0.7%

The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The business’s fifty day moving average is $75.49 and its 200 day moving average is $66.40. The firm has a market capitalization of $10.77 billion, a price-to-earnings ratio of -557.27 and a beta of 1.56.

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

Insider Buying and Selling at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the sale, the chief executive officer directly owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rebecca Clary sold 4,066 shares of Globalstar stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84. Following the completion of the sale, the chief financial officer owned 121,198 shares in the company, valued at $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 12,257 shares of company stock worth $890,722. Insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. Acadian Asset Management LLC acquired a new stake in Globalstar in the 1st quarter valued at $99,000. Invesco Ltd. increased its stake in Globalstar by 13.8% in the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after buying an additional 3,462 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Globalstar by 80.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after buying an additional 2,331 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Globalstar by 28.4% in the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after acquiring an additional 3,334 shares during the period. Finally, Cannell Capital LLC grew its position in shares of Globalstar by 1.1% in the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after acquiring an additional 580 shares during the period. 18.89% of the stock is currently 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.