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

Globalstar, Inc. (NASDAQ:GSAT) has been given an average recommendation of “Hold” by the five brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $68.50.

GSAT has been the subject of several research analyst reports. Craig Hallum reiterated a “buy” rating on shares of Globalstar in a report on Monday. 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th.

Globalstar Stock Down 2.3%

Shares of Globalstar stock traded down $1.42 on Monday, reaching $60.85. The company’s stock had a trading volume of 250,213 shares, compared to its average volume of 632,801. Globalstar has a 52 week low of $17.24 and a 52 week high of $74.88. The firm’s fifty day simple moving average is $61.52 and its two-hundred day simple moving average is $51.35. The company has a quick ratio of 2.46, a current ratio of 2.53 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of -405.64 and a beta of 1.43.

Insider Buying and Selling

In other Globalstar news, CEO Paul E. Jacobs sold 845 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total transaction of $55,601.00. Following the completion of the sale, the chief executive officer directly owned 58,830 shares in the company, valued at $3,871,014. The trade was a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rebecca Clary sold 1,260 shares of the 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 chief financial officer owned 108,123 shares in the company, valued at $6,640,914.66. This trade represents a 1.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,305 shares of company stock valued at $976,100 over the last 90 days. Company insiders own 60.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Greenhouse Funds LLLP raised its stake in Globalstar by 11.6% during the 2nd quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock valued at $47,701,000 after purchasing an additional 209,825 shares during the period. Entropy Technologies LP purchased a new stake in Globalstar during the 2nd quarter valued at approximately $351,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Globalstar by 124.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock valued at $3,369,000 after buying an additional 79,185 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Globalstar during the third quarter valued at approximately $713,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Globalstar in the second quarter worth $343,000. 18.89% of the stock is currently owned by 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.