Craig Hallum lowered shares of Globalstar (NASDAQ:GSAT – Free Report) from a buy rating to a hold rating in a research report released on Tuesday, Marketbeat reports. They currently have $90.00 price target on the stock.
GSAT has been the topic of a number of other reports. Wall Street Zen upgraded Globalstar to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Finally, Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Globalstar presently has an average rating of “Hold” and an average target price of $75.67.
Read Our Latest Report on GSAT
Globalstar Stock Down 0.6%
Globalstar (NASDAQ:GSAT – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $64.77 million during the quarter. The firm’s revenue was down 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Globalstar will post -0.62 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director Benjamin G. Wolff sold 32,711 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $83.19, for a total value of $2,721,228.09. Following the completion of the sale, the director directly owned 4,116 shares of the company’s stock, valued at approximately $342,410.04. This represents a 88.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 12,045 shares of the firm’s stock in a transaction on 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 transaction, the general counsel owned 131,303 shares in the company, valued at approximately $10,925,722.63. This trade represents a 8.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 173,496 shares of company stock worth $14,414,424 in the last ninety days. Corporate insiders own 60.00% of the company’s stock.
Institutional Trading of Globalstar
Institutional investors and hedge funds have recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar during the fourth quarter worth about $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar in the 4th quarter valued at about $27,000. Optiver Holding B.V. purchased a new stake in Globalstar in the 1st quarter valued at about $32,000. US Bancorp DE lifted its position in shares of Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in shares of Globalstar during the 3rd quarter worth approximately $40,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.
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.
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