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

Globalstar, Inc. (NASDAQ:GSAT)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $83.00 and last traded at $82.9150, with a volume of 404746 shares trading hands. The stock had previously closed at $82.45.

Analyst Upgrades and Downgrades

GSAT has been the subject of several research reports. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Weiss Ratings raised shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Craig Hallum reissued a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Finally, Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $69.00.

Globalstar Price Performance

The company’s 50 day moving average price is $73.49 and its 200-day moving average price is $65.49. The stock has a market cap of $10.65 billion, a P/E ratio of -551.40 and a beta of 1.56. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.14). The business had revenue of $70.06 million for the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Activity

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the transaction, the general counsel owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rebecca Clary sold 4,066 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84. Following the transaction, the chief financial officer directly owned 121,198 shares of the company’s stock, valued at $9,846,125.52. The trade was a 3.25% 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 90 days, insiders sold 12,257 shares of company stock valued at $890,722. Insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several large investors have recently modified their holdings of GSAT. Acadian Asset Management LLC bought a new position in shares of Globalstar during the first quarter valued at $99,000. Invesco Ltd. increased its position in shares of Globalstar by 13.8% during the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after buying an additional 3,462 shares during the period. BNP Paribas Financial Markets increased its position in shares of Globalstar by 80.9% during the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after buying an additional 2,331 shares during the period. Corient Private Wealth LLC increased its position in shares of Globalstar by 28.4% during the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after buying an additional 3,334 shares during the period. Finally, Cannell Capital LLC increased its position in shares of Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after buying an additional 580 shares during the period. Institutional investors 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.