Globalstar, Inc. (GSAT) – What Are Brokerages Thinking About This Stock?

Globalstar, Inc. (NASDAQ:GSAT) has been given an average recommendation of “Hold” by the six brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $75.67.

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Saturday. Craig Hallum lowered shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research note on Tuesday, August 18th. Weiss Ratings downgraded shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Finally, Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director James F. Lynch sold 361,600 shares of the stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $82.52, for a total value of $29,839,232.00. Following the completion of the sale, the director owned 351,114 shares in the company, valued at approximately $28,973,927.28. This represents a 50.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy Taylor sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the completion of the sale, the vice president owned 245,244 shares of the company’s stock, valued at $20,392,038.60. This trade represents a 23.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 673,819 shares of company stock valued at $55,595,821. 60.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. acquired a new position in Globalstar in the 3rd quarter valued at about $27,000. Fifth Third Bancorp purchased a new stake in Globalstar in the third quarter valued at $29,000. Optiver Holding B.V. purchased a new position in shares of Globalstar during the 1st quarter worth $32,000. Parallel Advisors LLC raised its holdings in Globalstar by 114.1% in the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock valued at $43,000 after buying an additional 275 shares during the period. Finally, Parkside Financial Bank & Trust raised its holdings in Globalstar by 879.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock valued at $62,000 after buying an additional 686 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Up 0.9%

NASDAQ:GSAT traded up $0.79 during trading hours on Friday, reaching $84.32. 939,421 shares of the company traded hands, compared to its average volume of 795,730. The stock has a market capitalization of $10.92 billion, a P/E ratio of -131.75 and a beta of 1.52. Globalstar has a 1 year low of $47.25 and a 1 year high of $85.10. 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 business’s 50-day moving average price is $82.79 and its two-hundred day moving average price is $76.35.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $70.90 million during the quarter. Analysts predict that Globalstar will post -0.62 earnings per share for the current year.

About Globalstar

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.