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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have earned a consensus rating of “Hold” from the six research firms that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $69.00.

GSAT has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday. Finally, Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th.

Globalstar Trading Up 0.2%

Shares of Globalstar stock opened at $80.02 on Friday. The company has a market capitalization of $10.31 billion, a P/E ratio of -533.47 and a beta of 1.55. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60. The company has a fifty day moving average of $81.53 and a 200 day moving average of $70.67. Globalstar has a fifty-two week low of $22.35 and a fifty-two week high of $84.69.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The business had revenue of $70.06 million for the quarter. The company’s revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Globalstar will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the sale, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at approximately $9,832,726.50. The trade was a 0.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 9,023 shares of company stock valued at $727,886. 60.00% of the stock is owned by insiders.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC lifted its position in Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after purchasing an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Globalstar by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after buying an additional 248 shares in the last quarter. Clearstead Trust LLC increased its holdings in shares of Globalstar by 20.7% in the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after buying an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Globalstar during the 4th quarter valued at about $26,000. 18.89% of the stock is 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.