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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been assigned a consensus rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $75.6667.

Several research firms recently commented on GSAT. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a research note on Tuesday, August 18th. Wall Street Zen raised shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. Finally, Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th.

Insider Activity at Globalstar

In other news, VP Timothy Evan Taylor sold 75,000 shares of the business’s stock in a transaction dated 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 approximately $20,392,038.60. The trade was a 23.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James F. Lynch sold 110,000 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the transaction, the director directly owned 712,714 shares in the company, valued at $58,285,750.92. The trade was a 13.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 323,492 shares of company stock worth $26,693,696 over the last 90 days. Company insiders own 60.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Globalstar during the fourth quarter worth $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar during the fourth quarter valued at $27,000. Optiver Holding B.V. acquired a new stake in shares of Globalstar during the first quarter worth $32,000. US Bancorp DE raised its holdings in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares during the period. Finally, Advisory Services Network LLC bought a new position in shares of Globalstar in the 3rd quarter worth about $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Performance

Globalstar stock opened at $81.76 on Monday. The firm has a market capitalization of $10.59 billion, a PE ratio of -160.31 and a beta of 1.58. Globalstar has a one year low of $28.15 and a one year high of $84.85. The stock’s 50 day moving average price is $81.14 and its 200 day moving average price is $75.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55.

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

Globalstar Company Profile

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.