B. Riley Issues Positive Forecast for Globalstar (NASDAQ:GSAT) Stock Price

Globalstar (NASDAQ:GSAT) had its target price lifted by analysts at B. Riley from $60.00 to $75.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 26.69% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Wednesday, October 8th. Zacks Research downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Globalstar currently has an average rating of “Hold” and a consensus price target of $75.00.

Globalstar Stock Performance

Shares of NASDAQ:GSAT traded up $8.72 on Monday, hitting $59.20. 1,029,438 shares of the company were exchanged, compared to its average volume of 895,177. The firm’s 50 day moving average price is $40.00. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of -131.56 and a beta of 1.00. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.81 and a quick ratio of 2.72. Globalstar has a one year low of $17.24 and a one year high of $60.40.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, November 6th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $73.85 million during the quarter. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%.The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the business earned $0.06 earnings per share. Globalstar has set its FY 2025 guidance at EPS.

Insider Activity

In other Globalstar news, CEO Paul E. Jacobs sold 53,479 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $34.95, for a total value of $1,869,091.05. Following the completion of the sale, the chief executive officer directly owned 58,895 shares in the company, valued at $2,058,380.25. This represents a 47.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rebecca Clary sold 4,572 shares of Globalstar stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $48.31, for a total value of $220,873.32. Following the transaction, the chief financial officer owned 115,804 shares in the company, valued at $5,594,491.24. This trade represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 122,510 shares of company stock valued at $4,171,544 over the last three months. 61.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently added to or reduced their stakes in GSAT. Acadian Asset Management LLC bought a new stake in shares of Globalstar in the first quarter worth $99,000. Magnus Financial Group LLC raised its holdings in Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock worth $4,610,000 after acquiring an additional 3,333 shares in the last quarter. Nordea Investment Management AB acquired a new position in shares of Globalstar during the 2nd quarter worth approximately $3,037,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Globalstar during the 2nd quarter worth approximately $343,000. Finally, Palogic Value Management L.P. acquired a new stake in shares of Globalstar in the 2nd quarter valued at approximately $1,178,000. 18.89% of the stock is owned by institutional investors.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.