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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have received an average rating of “Hold” from the six research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $75.6667.

Several equities research analysts recently weighed in on GSAT shares. Wall Street Zen raised Globalstar to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globalstar in a report on Wednesday, September 2nd. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Finally, Craig Hallum lowered shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research report on Tuesday, August 18th.

Globalstar Stock Performance

Shares of NASDAQ:GSAT traded down $0.00 during mid-day trading on Friday, reaching $82.52. The company had a trading volume of 59,583 shares, compared to its average volume of 1,098,098. Globalstar has a one year low of $33.90 and a one year high of $84.85. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The company’s 50-day moving average price is $81.61 and its 200-day moving average price is $77.74. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of -161.80 and a beta of 1.51.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The firm had revenue of $64.77 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.Globalstar’s quarterly revenue was down 3.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Globalstar will post -0.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 24,100 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $82.17, for a total transaction of $1,980,297.00. Following the sale, the chief financial officer owned 96,540 shares in the company, valued at $7,932,691.80. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel L. Ponder, IV sold 12,045 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $83.21, for a total value of $1,002,264.45. Following the sale, the general counsel owned 131,303 shares in the company, valued at approximately $10,925,722.63. This represents a 8.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 322,572 shares of company stock worth $26,618,486 in the last 90 days. 60.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew 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. Clay Northam Wealth Management LLC boosted its holdings in Globalstar by 4.6% in 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 in the last quarter. TD Waterhouse Canada Inc. grew its stake 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 last quarter. Arizona State Retirement System grew its stake 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 last quarter. Finally, Clearstead Trust LLC increased its holdings in shares of Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock valued at $130,000 after acquiring an additional 366 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Globalstar Company Profile

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.