Globalstar (NASDAQ:GSAT) Hits New 52-Week High – Should You Buy?

Globalstar, Inc. (NASDAQ:GSAT) hit a new 52-week high on Thursday . The company traded as high as $83.00 and last traded at $82.9150, with a volume of 404746 shares. The stock had previously closed at $82.45.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Craig Hallum reiterated a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Finally, Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Trading Up 0.4%

The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The firm has a 50 day moving average of $74.48 and a 200 day moving average of $65.81. The firm has a market cap of $10.69 billion, a PE ratio of -553.33 and a beta of 1.56.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $70.06 million during the quarter. The company’s quarterly revenue was up 16.7% on a year-over-year basis. Equities analysts anticipate that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Transactions at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the transaction, the general counsel directly owned 143,348 shares of the company’s stock, valued at $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 4,066 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the transaction, the chief financial officer directly owned 121,198 shares of the company’s stock, valued at $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. 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. Insiders sold 12,257 shares of company stock valued at $890,722 over the last three months. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Large investors have recently made changes to their positions in the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar in the fourth quarter worth $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar in the fourth quarter worth $27,000. US Bancorp DE increased its holdings in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the period. NewEdge Advisors LLC increased its holdings in Globalstar by 85.1% during the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in Globalstar during the 4th quarter worth approximately $61,000. 18.89% of the stock is owned by institutional investors.

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.