Globalstar (NASDAQ:GSAT) Stock Bumped Up to “Hold” by Zacks Research

Zacks Research upgraded shares of Globalstar (NASDAQ:GSAT) from a strong sell rating to a hold rating in a report released on Thursday,Zacks reports.

A number of other equities analysts have also issued reports on the company. Craig Hallum lowered Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a report on Tuesday, August 18th. Weiss Ratings cut Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research report on Tuesday, September 22nd. Finally, Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.67.

Globalstar Stock Performance

NASDAQ GSAT traded down $0.59 on Thursday, hitting $82.38. The stock had a trading volume of 700,921 shares, compared to its average volume of 637,315. Globalstar has a one year low of $40.50 and a one year high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The stock has a market cap of $10.67 billion, a price-to-earnings ratio of -161.53 and a beta of 1.45. The company’s 50-day moving average is $82.54 and its two-hundred day moving average is $80.98.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, analysts expect that Globalstar will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Globalstar news, General Counsel L. Ponder, IV sold 1,692 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $82.96, for a total transaction of $140,368.32. Following the transaction, the general counsel owned 128,891 shares of the company’s stock, valued at approximately $10,692,797.36. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director James Monroe, III bought 361,600 shares of the stock in a transaction on Friday, September 18th. The shares were bought at an average cost of $82.52 per share, for a total transaction of $29,839,232.00. Following the purchase, the director owned 408,253 shares in the company, valued at $33,689,037.56. This trade represents a 775.08% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have sold 685,864 shares of company stock valued at $56,598,086. Corporate insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

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

About Globalstar

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.