Globalstar (NASDAQ:GSAT) Stock Breaks Above Fifty Day Moving Average – Here’s What Happened

Globalstar, Inc. (NASDAQ:GSAT)’s stock price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $82.53 and traded as high as $83.13. Globalstar shares last traded at $82.88, with a volume of 702,790 shares.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GSAT shares. Wall Street Zen raised shares of Globalstar to a “sell” rating in a research note on Saturday, August 8th. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a report on Tuesday, August 18th. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. Finally, Weiss Ratings downgraded Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.67.

Globalstar Stock Performance

The firm has a 50-day simple moving average of $82.53 and a two-hundred day simple moving average of $75.28. The company has a market capitalization of $10.74 billion, a price-to-earnings ratio of -162.51 and a beta of 1.45. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The business had revenue of $64.77 million for the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Insider Transactions at Globalstar

In other Globalstar news, Director Benjamin G. Wolff sold 19,998 shares of Globalstar stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $81.98, for a total transaction of $1,639,436.04. Following the completion of the sale, the director directly owned 4,116 shares of the company’s stock, valued at $337,429.68. The trade was a 82.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Monroe, III purchased 361,600 shares of the stock in a transaction that occurred on Friday, September 18th. The stock was acquired at an average cost of $82.52 per share, with a total value of $29,839,232.00. Following the completion of the acquisition, the director directly owned 408,253 shares of the company’s stock, valued at $33,689,037.56. This represents a 775.08% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 685,864 shares of company stock valued at $56,598,086 over the last quarter. Insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sculptor Capital LP acquired a new position in Globalstar during the first quarter worth approximately $15,742,000. Senvest Management LLC boosted its stake in shares of Globalstar by 27.7% in the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after buying an additional 188,325 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Globalstar during the 2nd quarter worth $13,233,000. Governors Lane LP acquired a new position in Globalstar during the second quarter worth about $3,016,000. Finally, Renaissance Technologies LLC purchased a new position in Globalstar in the 1st quarter valued at approximately $1,501,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.