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

Globalstar, Inc. (NASDAQ:GSAT) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $81.36 and last traded at $81.34, with a volume of 1657595 shares trading hands. The stock had previously closed at $80.35.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GSAT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Craig Hallum reiterated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Up 1.2%

The stock’s 50 day simple moving average is $65.14 and its two-hundred day simple moving average is $60.46. The firm has a market cap of $10.46 billion, a P/E ratio of -542.23, a P/E/G ratio of 131.20 and a beta of 1.46. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Friday, February 27th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.12). Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The business had revenue of $71.96 million for the quarter, compared to the consensus estimate of $71.80 million. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. As a group, research analysts forecast that Globalstar, Inc. will post 0.02 earnings per share for the current year.

Insider Buying and Selling at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rebecca Clary sold 4,037 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $79.85, for a total transaction of $322,354.45. Following the transaction, the chief financial officer directly owned 115,741 shares of the company’s stock, valued at $9,241,918.85. This represents a 3.37% 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 quarter, insiders sold 8,191 shares of company stock valued at $560,400. Corporate insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently made changes to their positions in GSAT. Acadian Asset Management LLC purchased a new stake in shares of Globalstar during the first quarter valued at approximately $99,000. Invesco Ltd. grew its holdings in shares of Globalstar by 13.8% during the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after buying an additional 3,462 shares during the last quarter. BNP Paribas Financial Markets grew its holdings 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 valued at $123,000 after buying an additional 2,331 shares during the last quarter. Corient Private Wealth LLC grew its holdings 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 valued at $355,000 after buying an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC grew its holdings in shares of Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after buying an additional 580 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.