Globalstar, Inc. (NASDAQ:GSAT) Given Consensus Rating of “Hold” by Analysts

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been given a consensus recommendation of “Hold” by the six ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $69.00.

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

Globalstar Price Performance

Shares of GSAT opened at $81.01 on Wednesday. The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of -540.07 and a beta of 1.55. Globalstar has a fifty-two week low of $21.08 and a fifty-two week high of $84.69. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The business’s 50-day moving average is $79.77 and its 200-day moving average is $68.09.

Globalstar (NASDAQ:GSAT) last issued its 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 business had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts expect that Globalstar will post -0.02 EPS for the current fiscal year.

Insider Transactions at Globalstar

In related news, CFO Rebecca Clary sold 4,066 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the sale, the chief financial officer owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. The trade was a 3.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 714 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer directly 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 position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,737 shares of company stock worth $770,412 in the last quarter. 60.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

Large investors have recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new stake in shares of Globalstar in the 4th quarter valued at approximately $27,000. Optiver Holding B.V. bought a new stake in shares of Globalstar in the 1st quarter valued at approximately $32,000. US Bancorp DE grew its stake in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Globalstar in the 3rd quarter valued at approximately $40,000. Institutional investors 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.