Globalstar (NASDAQ:GSAT) Reaches New 12-Month High – Here’s Why

Globalstar, Inc. (NASDAQ:GSAT)’s stock price reached a new 52-week high on Wednesday. The stock traded as high as $84.99 and last traded at $84.5450, with a volume of 8,034 shares changing hands. The stock had previously closed at $83.77.

Analyst Upgrades and Downgrades

GSAT has been the topic of a number of recent analyst reports. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Weiss Ratings cut Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. Finally, Craig Hallum downgraded shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $75.67.

Globalstar Stock Up 1.4%

The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The firm’s fifty day moving average price is $82.66 and its 200-day moving average price is $76.00. The company has a market cap of $11.00 billion, a price-to-earnings ratio of -166.43 and a beta of 1.52.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate 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 business’s quarterly revenue was down 3.5% on a year-over-year basis. Sell-side analysts predict that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel L. Ponder, IV sold 1,692 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $82.96, for a total transaction of $140,368.32. Following the sale, the general counsel owned 128,891 shares of the company’s stock, valued at $10,692,797.36. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director James Monroe, III purchased 361,600 shares of the company’s stock in a transaction dated Friday, September 18th. The shares were acquired at an average cost of $82.52 per share, for a total transaction of $29,839,232.00. Following the transaction, the director owned 408,253 shares of the company’s stock, valued at $33,689,037.56. This trade represents a 775.08% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders sold 685,864 shares of company stock valued at $56,598,086. 60.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Optiver Holding B.V. acquired a new stake in shares of Globalstar during the first quarter worth $32,000. Parallel Advisors LLC boosted its stake in Globalstar by 114.1% in the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares during the period. Parkside Financial Bank & Trust boosted its stake in Globalstar by 879.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock worth $62,000 after purchasing an additional 686 shares during the period. GAMMA Investing LLC increased its holdings in Globalstar by 120.3% during the 3rd quarter. GAMMA Investing LLC now owns 859 shares of the company’s stock worth $71,000 after purchasing an additional 469 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Globalstar by 169.0% during the 1st quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company’s stock worth $80,000 after purchasing an additional 752 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.