Globalstar (NASDAQ:GSAT) Reaches New 52-Week High – Here’s Why

Globalstar, Inc. (NASDAQ:GSAT)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $82.35 and last traded at $81.5140, with a volume of 15544 shares trading hands. The stock had previously closed at $81.63.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Craig Hallum restated a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Price Performance

The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. The company’s fifty day simple moving average is $67.80 and its two-hundred day simple moving average is $61.89. The stock has a market capitalization of $10.45 billion, a PE ratio of -542.16, a P/E/G ratio of 133.71 and a beta of 1.46.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.12). Globalstar had a negative return on equity of 1.02% and a negative net margin of 6.10%.The firm had revenue of $71.96 million for the quarter, compared to analyst estimates of $71.80 million. The firm’s quarterly revenue was up 17.6% on a year-over-year basis. As a group, sell-side analysts predict that Globalstar, Inc. will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the sale, the general counsel directly owned 143,348 shares of the company’s stock, valued at $8,215,273.88. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rebecca Clary sold 4,066 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total transaction of $330,321.84. Following the sale, the chief financial officer directly owned 121,198 shares in the company, valued at $9,846,125.52. This represents a 3.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 12,257 shares of company stock valued at $890,722 in the last ninety days. Insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar in the fourth quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Globalstar in the fourth quarter worth approximately $27,000. US Bancorp DE boosted its position in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Globalstar in the third quarter worth approximately $40,000. Finally, CWM LLC boosted its position in shares of Globalstar by 100.6% in the third quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after acquiring an additional 664 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

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.