Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) Price Target at $69.00

Globalstar, Inc. (NASDAQ:GSAT) has received a consensus recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $69.00.

A number of equities analysts have weighed in on GSAT shares. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Finally, Craig Hallum reiterated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the transaction, the chief financial officer directly owned 121,198 shares in the company, valued at $9,846,125.52. This represents a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 714 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the transaction, the chief executive officer owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 9,737 shares of company stock valued at $770,412. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its position in shares of Globalstar by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after acquiring an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC boosted its position in shares of Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after acquiring an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Globalstar by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after acquiring an additional 248 shares during the last quarter. Clearstead Trust LLC boosted its position in shares of Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after acquiring an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar during the fourth quarter worth $26,000. Institutional investors own 18.89% of the company’s stock.

Globalstar Stock Down 2.5%

Shares of GSAT stock opened at $79.75 on Wednesday. Globalstar has a 12 month low of $22.35 and a 12 month high of $84.69. The stock has a market cap of $10.27 billion, a P/E ratio of -531.67 and a beta of 1.55. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The company has a 50 day simple moving average of $80.81 and a two-hundred day simple moving average of $68.86.

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