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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been assigned an average recommendation of “Hold” from the six brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $69.00.

GSAT has been the subject of a number of analyst reports. Craig Hallum restated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th.

Globalstar Price Performance

Shares of GSAT opened at $81.16 on Wednesday. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of -541.07 and a beta of 1.55. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. Globalstar has a 12 month low of $21.59 and a 12 month high of $84.69. The company has a 50-day moving average price of $80.69 and a two-hundred day moving average price of $68.58.

Globalstar (NASDAQ:GSAT) last announced 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). The business had revenue of $70.06 million for the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.Globalstar’s revenue was up 16.7% on a year-over-year basis. Equities analysts predict that Globalstar will post -0.02 EPS for the current fiscal year.

Insider Transactions at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 714 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the transaction, the chief executive officer owned 67,032 shares in the company, valued at $3,992,425.92. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rebecca Clary sold 4,066 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total transaction of $330,321.84. Following the transaction, the chief financial officer owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. This represents a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 9,737 shares of company stock valued at $770,412. Corporate insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its position in Globalstar by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after acquiring an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC grew its position in Globalstar by 4.6% during the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after acquiring an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Globalstar by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after acquiring an additional 248 shares during the last quarter. Clearstead Trust LLC grew its position in Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after acquiring an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in Globalstar during the 4th quarter worth approximately $26,000. 18.89% of the stock is currently owned by 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.