Globalstar, Inc. (NASDAQ:GSAT) Given Average Recommendation of “Hold” by Brokerages

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been assigned a consensus rating of “Hold” from the five research firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $69.00.

GSAT has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Craig Hallum reiterated a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd.

Globalstar Stock Performance

Shares of GSAT opened at $80.36 on Tuesday. The company’s 50 day simple moving average is $64.70 and its 200-day simple moving average is $60.19. Globalstar has a 12-month low of $17.24 and a 12-month high of $81.07. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The firm has a market cap of $10.33 billion, a PE ratio of -535.70, a price-to-earnings-growth ratio of 130.64 and a beta of 1.46.

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

Insider Buying and Selling at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 714 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 4,037 shares of the firm’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $79.85, for a total value of $322,354.45. Following the completion of the sale, the chief financial officer directly owned 115,741 shares of the company’s stock, valued at approximately $9,241,918.85. This trade represents a 3.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 8,191 shares of company stock valued at $560,400. 60.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in shares of Globalstar during the 3rd quarter worth $713,000. Essex Investment Management Co. LLC acquired a new position in shares of Globalstar during the 3rd quarter worth $7,072,000. JT Stratford LLC acquired a new position in shares of Globalstar during the 3rd quarter worth $2,678,000. Vanguard Group Inc. raised its stake in shares of 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 buying an additional 141,451 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Globalstar by 24.3% during the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock worth $45,868,000 after buying an additional 246,123 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.