Globalstar (NASDAQ:GSAT) Sets New 12-Month High – Here’s What Happened

Globalstar, Inc. (NASDAQ:GSAT) shares reached a new 52-week high on Tuesday . The company traded as high as $83.00 and last traded at $82.67, with a volume of 1141355 shares changing hands. The stock had previously closed at $82.25.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GSAT. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings upgraded shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $69.00.

Globalstar Trading Up 0.5%

The business has a fifty day simple moving average of $70.36 and a 200-day simple moving average of $63.61. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60. The firm has a market cap of $10.65 billion, a price-to-earnings ratio of -551.13, a PEG ratio of 134.02 and a beta of 1.56.

Globalstar (NASDAQ:GSAT) last posted its earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The business had revenue of $70.06 million for the quarter. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts forecast that Globalstar, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Transactions at Globalstar

In other news, CFO Rebecca Clary sold 4,066 shares of the business’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 transaction, the chief financial officer owned 121,198 shares in the company, valued at approximately $9,846,125.52. The trade was a 3.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 1,153 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $66,078.43. Following the completion of the transaction, the chief executive officer owned 61,080 shares in the company, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 12,257 shares of company stock worth $890,722. Company insiders own 60.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GSAT. Acadian Asset Management LLC acquired a new position in shares of Globalstar during the 1st quarter valued at $99,000. Invesco Ltd. lifted its position in shares of Globalstar by 13.8% during the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after acquiring an additional 3,462 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Globalstar by 80.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after acquiring an additional 2,331 shares during the period. Corient Private Wealth LLC lifted its position in shares of Globalstar by 28.4% during the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after acquiring an additional 3,334 shares during the period. Finally, Cannell Capital LLC lifted its position in shares of Globalstar by 1.1% during the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after acquiring an additional 580 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.