Globalstar (NASDAQ:GSAT) Trading Up 19.4% – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT)’s share price was up 19.4% during mid-day trading on Wednesday . The company traded as high as $73.48 and last traded at $72.9590. Approximately 681,407 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 629,313 shares. The stock had previously closed at $61.09.

Wall Street Analysts Forecast Growth

GSAT has been the subject of a number of recent research reports. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Craig Hallum restated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Performance

The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. The stock’s fifty day moving average is $60.37 and its two-hundred day moving average is $55.21. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of -401.84, a PEG ratio of 110.01 and a beta of 1.43.

Insiders Place Their Bets

In other news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the transaction, the general counsel directly owned 135,568 shares in the company, valued at approximately $8,326,586.56. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Rebecca Clary sold 1,260 shares of the business’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the transaction, the chief financial officer owned 108,123 shares of the company’s stock, valued at approximately $6,640,914.66. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 7,519 shares of company stock worth $448,425. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock valued at $190,455,000 after acquiring an additional 141,451 shares in the last quarter. Greenhouse Funds LLLP grew its stake in shares of Globalstar by 6.1% in the third quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after purchasing an additional 123,676 shares in the last quarter. Ashford Capital Management Inc. grew its stake in shares of Globalstar by 3.8% in the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after purchasing an additional 51,703 shares in the last quarter. State Street Corp increased its holdings in shares of Globalstar by 2.4% during the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock valued at $82,030,000 after purchasing an additional 31,977 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Globalstar by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock valued at $78,331,000 after purchasing an additional 4,799 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.