Globalstar (NASDAQ:GSAT) Reaches New 12-Month High – Still a Buy?

Shares of Globalstar, Inc. (NASDAQ:GSAT) hit a new 52-week high during trading on Wednesday. The company traded as high as $84.99 and last traded at $84.5450, with a volume of 8,034 shares changing hands. The stock had previously closed at $83.77.

Wall Street Analysts Forecast Growth

GSAT has been the subject of several research reports. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings lowered shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Finally, Craig Hallum cut shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $75.67.

Globalstar Trading Down 1.2%

The firm’s 50 day moving average price is $82.74 and its 200-day moving average price is $76.22. The stock has a market cap of $10.82 billion, a P/E ratio of -163.78 and a beta of 1.52. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm had revenue of $70.90 million for the quarter. As a group, equities research analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Globalstar

In other news, Director James F. Lynch sold 361,600 shares of the business’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $82.52, for a total value of $29,839,232.00. Following the completion of the transaction, the director owned 351,114 shares in the company, valued at $28,973,927.28. The trade was a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James Monroe, III purchased 361,600 shares of the stock in a transaction dated Friday, September 18th. The shares were acquired at an average cost of $82.52 per share, for a total transaction of $29,839,232.00. Following the completion of the acquisition, the director owned 408,253 shares of the company’s stock, valued at approximately $33,689,037.56. This represents a 775.08% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 673,819 shares of company stock worth $55,595,821. Insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its stake in shares of Globalstar by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after buying an additional 144 shares during the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Globalstar by 3.0% in the second quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock worth $652,000 after acquiring an additional 234 shares during the period. Arizona State Retirement System grew its holdings in shares of Globalstar by 1.9% in the second quarter. Arizona State Retirement System now owns 14,193 shares of the company’s stock worth $1,154,000 after acquiring an additional 258 shares during the period. Parallel Advisors LLC increased its position in Globalstar by 114.1% during the third quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock valued at $43,000 after acquiring an additional 275 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Globalstar during the third quarter valued at $27,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

About Globalstar

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.