Globalstar (NASDAQ:GSAT) Upgraded to “Hold” at Zacks Research

Globalstar (NASDAQ:GSAT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

GSAT has been the subject of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Finally, Craig Hallum reiterated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Trading Up 13.4%

NASDAQ GSAT opened at $77.73 on Wednesday. The firm has a market capitalization of $9.99 billion, a price-to-earnings ratio of -518.17, a PEG ratio of 111.89 and a beta of 1.46. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. Globalstar has a one year low of $17.24 and a one year high of $78.30. The company’s 50 day moving average price is $61.01 and its 200 day moving average price is $56.41.

Insider Activity at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 762 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $43,670.22. Following the transaction, the chief financial officer directly owned 110,254 shares of the company’s stock, valued at $6,318,656.74. This represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $66,078.43. Following the transaction, the chief executive officer owned 61,080 shares of the company’s stock, valued at approximately $3,500,494.80. This trade represents a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,999 shares of company stock valued at $293,646. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after acquiring an additional 141,451 shares in the last quarter. Greenhouse Funds LLLP increased its position in shares of Globalstar by 6.1% in the 3rd quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after purchasing an additional 123,676 shares during the last quarter. Ashford Capital Management Inc. raised its stake in shares of Globalstar by 3.8% in the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after purchasing an additional 51,703 shares in the last quarter. State Street Corp lifted its position in shares of Globalstar by 2.4% during the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock worth $82,030,000 after purchasing an additional 31,977 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Globalstar by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after purchasing an additional 4,799 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar News Summary

Here are the key news stories impacting Globalstar this week:

• Positive Sentiment: Reports that Amazon is in advanced acquisition talks with Globalstar, citing people familiar with the matter, are the primary catalyst for the rally — an attractive strategic fit given Amazon’s push into satellite internet. Amazon in talks to buy $9 billion satellite group Globalstar, FT reports
• Positive Sentiment: Major business press (CNBC) confirms takeover talks and notes negotiations are underway, which boosts takeover-premium expectations and speculative buying. Globalstar stock surges 15% on report Amazon is weighing an acquisition
• Positive Sentiment: Multiple outlets report an implied deal value near $9 billion, a headline number that supports a substantially higher takeover price versus where the market traded before rumors. Amazon Plans $9 Billion Acquisition of Globalstar to Directly Challenge SpaceX’s Starlink
• Positive Sentiment: Reports note hedge funds and institutional players (Soros, AQR, Millennium) had positioned ahead of the move, suggesting demand from sophisticated buyers helped amplify the rally. GSAT’s 18-year high isn’t just about Amazon – Soros, AQR, Millennium saw it coming
• Neutral Sentiment: Market commentary and data services (Investopedia, Bloomberg) flagged GSAT as a top mover today; that coverage can attract momentum traders but doesn’t change fundamentals by itself. Deal Talks With Amazon Have This Satellite Internet Provider’s Stock Popping
• Negative Sentiment: Potential deal risks — regulatory scrutiny, spectrum disputes and competitive tensions with SpaceX/Starlink — could complicate or delay a transaction and introduce execution risk. Globalstar Soars 10%: Amazon’s Reported Takeover Bid Ignites a Spectrum War With SpaceX
• Negative Sentiment: Some broker commentary sets price targets below the current elevated levels, signaling that analysts may not yet have repriced fundamentals to reflect takeover speculation — creating downside if rumors fade. Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) PT at $69.00

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.