Wall Street Zen upgraded shares of Globalstar (NASDAQ:GSAT – Free Report) from a sell rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.
Several other equities research analysts have also recently issued reports on the company. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 18th. Weiss Ratings lowered Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Finally, Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $75.67.
Read Our Latest Analysis on Globalstar
Globalstar Stock Performance
Shares of GSAT opened at $84.32 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The company has a market capitalization of $10.92 billion, a price-to-earnings ratio of -131.75 and a beta of 1.52. The company’s 50 day simple moving average is $82.79 and its 200 day simple moving average is $76.35. Globalstar has a 1 year low of $47.25 and a 1 year high of $85.10.
Globalstar (NASDAQ:GSAT – Get Free Report) last released its earnings results on Thursday, November 5th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $70.90 million during the quarter. Globalstar had a negative return on equity of 22.17% and a negative net margin of 28.53%. On average, sell-side analysts predict that Globalstar will post -0.62 EPS for the current year.
Insider Buying and Selling
In related news, Director James Monroe, III bought 361,600 shares of the stock in a transaction dated Friday, September 18th. The stock was acquired at an average price of $82.52 per share, for a total transaction of $29,839,232.00. Following the completion of the purchase, the director owned 408,253 shares in the company, valued at $33,689,037.56. This represents a 775.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Timothy Taylor sold 75,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the completion of the sale, the vice president owned 245,244 shares of the company’s stock, valued at approximately $20,392,038.60. This trade represents a 23.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 673,819 shares of company stock valued at $55,595,821 over the last ninety days. Insiders own 60.00% of the company’s stock.
Hedge Funds Weigh In On Globalstar
Institutional investors and hedge funds have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new stake in Globalstar in the third quarter valued at approximately $27,000. Fifth Third Bancorp acquired a new position in shares of Globalstar during the third quarter worth $29,000. Optiver Holding B.V. purchased a new position in shares of Globalstar in the first quarter valued at $32,000. Parallel Advisors LLC boosted its stake in shares of Globalstar by 114.1% in the third quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the period. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Globalstar by 879.5% in the second quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock valued at $62,000 after purchasing an additional 686 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.
Globalstar Company Profile
Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments.
The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.
Globalstar was founded in 1991 and is headquartered in Covington, Louisiana.
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