Zacks Research Upgrades Globalstar (NASDAQ:GSAT) to Hold

Globalstar (NASDAQ:GSAT) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday, Zacks reports.

Several other equities research analysts also recently weighed in on GSAT. Weiss Ratings downgraded shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. Finally, Craig Hallum downgraded Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $75.67.

Globalstar Stock Down 0.7%

NASDAQ:GSAT traded down $0.59 during midday trading on Thursday, hitting $82.38. 700,921 shares of the company were exchanged, compared to its average volume of 637,315. Globalstar has a fifty-two week low of $40.50 and a fifty-two week high of $84.85. The company has a market capitalization of $10.67 billion, a PE ratio of -161.53 and a beta of 1.45. 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 company has a fifty day simple moving average of $82.54 and a 200 day simple moving average of $80.98.

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

Insiders Place Their Bets

In related news, CFO Rebecca Clary sold 24,100 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $82.17, for a total transaction of $1,980,297.00. Following the completion of the transaction, the chief financial officer directly owned 96,540 shares of the company’s stock, valued at $7,932,691.80. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James Monroe, III acquired 361,600 shares of Globalstar stock in a transaction that occurred on Friday, September 18th. The stock was purchased at an average price of $82.52 per share, with a total value of $29,839,232.00. Following the transaction, the director owned 408,253 shares of the company’s stock, valued at $33,689,037.56. This trade represents a 775.08% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 685,864 shares of company stock valued at $56,598,086. Corporate insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. PNC Financial Services Group Inc. raised 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 buying an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC lifted its holdings in shares of Globalstar by 4.6% in the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after buying an additional 160 shares during the period. TD Waterhouse Canada Inc. boosted its stake in shares of Globalstar by 3.0% in the second quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock valued at $652,000 after buying an additional 234 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Globalstar by 1.9% in the second quarter. Arizona State Retirement System now owns 14,193 shares of the company’s stock valued at $1,154,000 after buying an additional 258 shares in the last quarter. Finally, Amundi grew its holdings in Globalstar by 11.7% during the first quarter. Amundi now owns 4,173 shares of the company’s stock worth $277,000 after acquiring an additional 437 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

Globalstar, Inc (NASDAQ: GSAT) provides satellite communications and connectivity services to customers in North America, South America, Europe, Australia, and other regions. The company operates a constellation of low-Earth-orbit satellites and a network of ground stations that support voice, data, asset-tracking, and other communications applications, particularly in areas with limited or no traditional cellular coverage.

Its products and services include two-way mobile satellite voice and data communications, one-way satellite messaging and tracking, and connectivity solutions for industries such as government, transportation, maritime, emergency response, recreation, and natural-resource management.