Globalstar (NASDAQ:GSAT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Globalstar (NASDAQ:GSAT) to a sell rating in a research note released on Saturday morning.

A number of other equities research analysts have also weighed in on the company. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Stock Performance

Shares of GSAT opened at $83.82 on Friday. 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 firm has a market cap of $10.86 billion, a PE ratio of -164.35 and a beta of 1.58. Globalstar has a 12 month low of $24.37 and a 12 month high of $84.85. The stock has a fifty day moving average price of $80.77 and a 200-day moving average price of $73.51.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business had revenue of $64.77 million for the quarter. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. Equities research analysts predict that Globalstar will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00. Following the completion of the transaction, the chief financial officer owned 120,278 shares in the company, valued at approximately $9,832,726.50. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel L Barbee Iv Ponder sold 12,045 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45. Following the completion of the transaction, the general counsel directly owned 131,303 shares of the company’s stock, valued at approximately $10,925,722.63. This trade represents a 8.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 60.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its stake in shares of Globalstar by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after acquiring an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC boosted its position in Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after purchasing an additional 160 shares in the last quarter. Clearstead Trust LLC boosted its position in Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after purchasing an additional 366 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar in the fourth quarter valued at approximately $26,000. Finally, NewEdge Advisors LLC grew its holdings in Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after purchasing an additional 430 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.