Globalstar (NASDAQ:GSAT) Stock Rating Lowered by Zacks Research

Globalstar (NASDAQ:GSAT) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

GSAT has been the subject of several other reports. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target for the company. Craig Hallum reaffirmed a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, B. Riley Financial lifted their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Globalstar has an average rating of “Hold” and an average target price of $69.00.

Globalstar Trading Down 4.9%

GSAT stock traded down $3.02 during midday trading on Tuesday, reaching $58.28. 375,177 shares of the company’s stock traded hands, compared to its average volume of 633,111. Globalstar has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The business has a 50-day moving average price of $61.32 and a two-hundred day moving average price of $51.90. The company has a market capitalization of $7.49 billion, a P/E ratio of -388.51 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.46.

Insider Buying and Selling at Globalstar

In other news, CFO Rebecca Clary sold 1,260 shares of the stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the completion of the transaction, the chief financial officer directly owned 108,123 shares in the company, valued at $6,640,914.66. This trade represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $61.42, for a total transaction of $77,389.20. Following the transaction, the general counsel owned 135,568 shares in the company, valued at $8,326,586.56. This represents a 0.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,305 shares of company stock valued at $976,100 in the last quarter. Corporate insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently modified their holdings of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar in the fourth quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar in the 4th quarter valued at about $27,000. US Bancorp DE boosted its position in shares of Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after purchasing an additional 430 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Globalstar in the 4th quarter worth approximately $61,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.