Globalstar (NASDAQ:GSAT) Shares Up 8% – Should You Buy?

Globalstar, Inc. (NASDAQ:GSAT)’s share price traded up 8% during trading on Wednesday . The company traded as high as $68.70 and last traded at $68.50. 444,820 shares were traded during mid-day trading, a decline of 36% from the average session volume of 693,010 shares. The stock had previously closed at $63.44.

Analysts Set New Price Targets

Several research analysts recently commented on GSAT shares. B. Riley raised their price target on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target for the company. Finally, Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $68.50.

Globalstar Trading Up 6.5%

The company has a market cap of $8.57 billion, a P/E ratio of -146.85 and a beta of 1.10. The business has a fifty day simple moving average of $63.05 and a 200 day simple moving average of $45.79. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $73.85 million for the quarter. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. Globalstar’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.06 EPS.

Insider Buying and Selling at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the transaction, the general counsel directly owned 135,568 shares of the company’s stock, valued at $8,326,586.56. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 845 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the transaction, the chief executive officer owned 58,830 shares of the company’s stock, valued at approximately $3,871,014. This represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 52,663 shares of company stock worth $3,061,073. 60.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently made changes to their positions in GSAT. Acadian Asset Management LLC acquired a new stake in shares of Globalstar during the first quarter worth $99,000. Nordea Investment Management AB acquired a new stake in Globalstar during the 2nd quarter worth about $3,037,000. Y Intercept Hong Kong Ltd purchased a new stake in Globalstar during the second quarter valued at about $343,000. Palogic Value Management L.P. acquired a new position in shares of Globalstar in the second quarter worth about $1,178,000. Finally, Penserra Capital Management LLC increased its position in shares of Globalstar by 320.9% in the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after acquiring an additional 370,943 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.