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

Globalstar, Inc. (NASDAQ:GSAT) has been given a consensus rating of “Hold” by the six research firms that are presently covering the firm, MarketBeat reports. One 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 brokerages that have issued a report on the stock in the last year is $69.00.

Several equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Craig Hallum reiterated a “buy” rating and set a $70.00 target price on shares of Globalstar in a research report on Monday, March 2nd. Finally, Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday.

Insider Buying and Selling

In related news, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the sale, the general counsel directly owned 143,348 shares in the company, valued at $8,215,273.88. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $59.56, for a total transaction of $42,525.84. Following the sale, the chief executive officer owned 67,032 shares in the company, valued at approximately $3,992,425.92. This represents a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,257 shares of company stock worth $890,722 in the last ninety days. Company insiders own 60.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GSAT. Acadian Asset Management LLC bought a new position in Globalstar during the 1st quarter worth approximately $99,000. Invesco Ltd. raised its holdings in Globalstar by 13.8% during the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after purchasing an additional 3,462 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Globalstar by 80.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after purchasing an additional 2,331 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Globalstar by 28.4% during the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after purchasing an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC raised its holdings in Globalstar by 1.1% during the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Trading Down 0.1%

GSAT opened at $81.98 on Friday. The company’s 50 day moving average is $72.02 and its 200-day moving average is $64.55. Globalstar has a 1-year low of $17.76 and a 1-year high of $83.00. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The company has a market cap of $10.56 billion, a P/E ratio of -546.53 and a beta of 1.56.

Globalstar (NASDAQ:GSAT) last posted its quarterly 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). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The company had revenue of $70.06 million during the quarter. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Equities research analysts predict that Globalstar will post -0.02 earnings per share for the current fiscal year.

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.