Globalstar, Inc. (NASDAQ:GSAT) Given Average Rating of “Hold” by Brokerages

Globalstar, Inc. (NASDAQ:GSAT) has been given a consensus rating of “Hold” by the five analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $69.00.

Several brokerages recently weighed in on GSAT. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Craig Hallum reaffirmed a “buy” rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th.

Globalstar Stock Up 0.4%

Shares of NASDAQ:GSAT opened at $80.36 on Tuesday. The firm’s 50 day moving average price is $64.70 and its 200 day moving average price is $60.19. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of -535.70, a price-to-earnings-growth ratio of 130.64 and a beta of 1.46. Globalstar has a fifty-two week low of $17.24 and a fifty-two week high of $81.07. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Friday, February 27th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.12). The firm had revenue of $71.96 million during the quarter, compared to analyst estimates of $71.80 million. Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. As a group, equities research analysts predict that Globalstar will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 4,037 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $79.85, for a total value of $322,354.45. Following the transaction, the chief financial officer directly owned 115,741 shares in the company, valued at $9,241,918.85. This represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $66,078.43. Following the completion of the transaction, the chief executive officer owned 61,080 shares in the company, valued at $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,191 shares of company stock worth $560,400 over the last three months. Insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar during the fourth quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in shares of Globalstar during the fourth quarter worth approximately $27,000. US Bancorp DE grew its position in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Globalstar during the third quarter worth approximately $37,000. Finally, Advisory Services Network LLC purchased a new position in shares of Globalstar during the third quarter worth approximately $40,000. 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.