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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been given a consensus recommendation of “Hold” by the six research firms that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $69.00.

Several analysts have recently issued reports on GSAT shares. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th.

Globalstar Price Performance

Shares of GSAT traded up $1.27 during midday trading on Thursday, hitting $79.84. 142,635 shares of the company traded hands, compared to its average volume of 1,179,924. The firm has a 50 day moving average of $80.82 and a 200-day moving average of $72.31. Globalstar has a 52 week low of $22.35 and a 52 week high of $84.69. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of -532.26 and a beta of 1.55. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60.

Globalstar (NASDAQ:GSAT) last issued its 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). The firm had revenue of $70.06 million during the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The company’s revenue was up 16.7% compared to the same quarter last year. On average, analysts forecast that Globalstar will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, 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 sale, the chief financial officer directly owned 120,278 shares in the company, valued at approximately $9,832,726.50. This represents a 0.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several large investors have recently added to or reduced their stakes in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in Globalstar during the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar during the 4th quarter valued at approximately $27,000. Optiver Holding B.V. bought a new position in shares of Globalstar during the 1st quarter valued at approximately $32,000. US Bancorp DE raised its holdings in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in Globalstar during the 3rd quarter valued at $40,000. 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.