Globalstar (NASDAQ:GSAT) Hits New 12-Month High – Here’s Why

Globalstar, Inc. (NASDAQ:GSAT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $81.36 and last traded at $81.34, with a volume of 1657595 shares traded. The stock had previously closed at $80.35.

Wall Street Analysts Forecast Growth

GSAT has been the subject of several recent research reports. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, Craig Hallum reissued a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Price Performance

The firm has a market capitalization of $10.46 billion, a P/E ratio of -542.23, a P/E/G ratio of 131.20 and a beta of 1.46. The firm’s 50 day simple moving average is $65.14 and its two-hundred day simple moving average is $60.46. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Friday, February 27th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.12). The firm had revenue of $71.96 million for the quarter, compared to the consensus estimate 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, analysts predict that Globalstar, Inc. will post 0.02 earnings per share for the current year.

Insider Activity

In other news, CEO Paul E. Jacobs sold 1,153 shares of the company’s stock in a transaction dated 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 directly owned 61,080 shares of the company’s stock, valued at approximately $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the transaction, the general counsel directly owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 8,191 shares of company stock valued at $560,400. Insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of GSAT. Pictet Asset Management Holding SA increased its position in shares of Globalstar by 9.3% during the first quarter. Pictet Asset Management Holding SA now owns 9,185 shares of the company’s stock valued at $610,000 after buying an additional 782 shares during the period. Ground Swell Capital LLC purchased a new position in shares of Globalstar during the first quarter valued at about $232,000. AdvisorNet Financial Inc purchased a new position in shares of Globalstar during the first quarter valued at about $143,000. Fund Advisors of America Inc FL purchased a new position in shares of Globalstar during the fourth quarter valued at about $357,000. Finally, Corient Private Wealth LLC purchased a new position in shares of Globalstar during the fourth quarter valued at about $365,000. 18.89% of the stock is owned by institutional investors.

Globalstar Company Profile

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.