Globalstar, Inc. (NASDAQ:GSAT) Stock Has Average Price Target of $75.67 According to Brokerages

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been given an average recommendation of “Reduce” by the six brokerages that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $75.67.

GSAT has been the subject of a number of research analyst reports. Craig Hallum cut shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research report on Tuesday, August 18th. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings cut Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd.

Globalstar Trading Down 0.2%

NASDAQ GSAT traded down $0.21 during trading hours on Tuesday, reaching $82.83. The company had a trading volume of 96,594 shares, compared to its average volume of 1,057,560. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $10.73 billion, a P/E ratio of -162.49 and a beta of 1.45. The stock has a 50-day moving average of $82.61 and a 200 day moving average of $80.57. Globalstar has a 1-year low of $40.50 and a 1-year high of $84.85.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The company had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm’s revenue was down 3.5% compared to the same quarter last year. As a group, research analysts anticipate that Globalstar will post -0.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James F. Lynch sold 361,600 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $82.52, for a total transaction of $29,839,232.00. Following the completion of the transaction, the director directly owned 351,114 shares in the company, valued at $28,973,927.28. This trade represents a 50.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel L. Ponder, IV sold 1,692 shares of Globalstar stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $82.96, for a total value of $140,368.32. Following the completion of the transaction, the general counsel directly owned 128,891 shares of the company’s stock, valued at approximately $10,692,797.36. This represents a 1.30% decrease in their ownership of the stock. 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. In the last three months, insiders sold 685,864 shares of company stock valued at $56,598,086. Insiders own 60.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GSAT. GAMMA Investing LLC increased its stake in Globalstar by 120.3% during the 3rd quarter. GAMMA Investing LLC now owns 859 shares of the company’s stock worth $71,000 after buying an additional 469 shares during the period. BlueCrest Capital Management Ltd acquired a new stake in Globalstar during the 2nd quarter worth approximately $975,000. WINTON GROUP Ltd purchased a new position in Globalstar in the 2nd quarter valued at approximately $707,000. NorthRock Partners LLC purchased a new position in Globalstar in the 2nd quarter valued at approximately $268,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Globalstar in the 2nd quarter valued at approximately $97,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc (NASDAQ: GSAT) provides satellite communications and connectivity services to customers in North America, South America, Europe, Australia, and other regions. The company operates a constellation of low-Earth-orbit satellites and a network of ground stations that support voice, data, asset-tracking, and other communications applications, particularly in areas with limited or no traditional cellular coverage.

Its products and services include two-way mobile satellite voice and data communications, one-way satellite messaging and tracking, and connectivity solutions for industries such as government, transportation, maritime, emergency response, recreation, and natural-resource management.