Globalstar, Inc. (NASDAQ:GSAT) Given Consensus Rating of “Hold” by Analysts

Shares of Globalstar, Inc. (NASDAQ:GSAT) have earned an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $69.00.

A number of equities research analysts recently commented on the stock. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th.

Insider Activity

In related news, CFO Rebecca Clary sold 4,066 shares of Globalstar stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the sale, the chief financial officer owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. This trade represents a 3.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 9,023 shares of company stock worth $727,886 in the last ninety days. 60.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

Institutional investors have recently made changes to their positions in the business. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Globalstar in the fourth quarter valued at $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar during the 4th quarter worth about $27,000. Optiver Holding B.V. acquired a new position in shares of Globalstar during the 1st quarter worth about $32,000. US Bancorp DE boosted its stake in shares of Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after acquiring an additional 430 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Stock Up 0.1%

Shares of GSAT traded up $0.07 on Friday, hitting $80.09. The company’s stock had a trading volume of 547,502 shares, compared to its average volume of 1,434,075. The firm’s fifty day moving average price is $81.50 and its 200-day moving average price is $70.73. Globalstar has a fifty-two week low of $22.35 and a fifty-two week high of $84.69. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of -533.93 and a beta of 1.55.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The company had revenue of $70.06 million for the quarter. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, equities research analysts expect that Globalstar will post -0.02 EPS for the current year.

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.