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

Globalstar, Inc. (NASDAQ:GSAT) has been given a consensus recommendation of “Hold” by the six analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $75.6667.

Several research analysts have recently weighed in on the stock. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a report on Tuesday, August 18th. Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th.

Globalstar Price Performance

GSAT stock traded down $0.18 during mid-day trading on Monday, reaching $82.18. 48,779 shares of the company traded hands, compared to its average volume of 1,157,092. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. The company has a market capitalization of $10.65 billion, a P/E ratio of -160.91 and a beta of 1.58. Globalstar has a 52-week low of $26.44 and a 52-week high of $84.85. The company has a fifty day moving average price of $81.00 and a 200-day moving average price of $74.74.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million for the quarter. The business’s revenue was down 3.5% on a year-over-year basis. As a group, analysts anticipate that Globalstar will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 24,100 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $82.17, for a total transaction of $1,980,297.00. Following the transaction, the chief financial officer owned 96,540 shares in the company, valued at $7,932,691.80. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Benjamin G. Wolff sold 32,711 shares of Globalstar stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $83.19, for a total transaction of $2,721,228.09. Following the transaction, the director directly owned 4,116 shares of the company’s stock, valued at approximately $342,410.04. This represents a 88.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 173,496 shares of company stock worth $14,414,424. Company insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

Several institutional investors have recently added to or reduced their stakes in GSAT. PNC Financial Services Group Inc. lifted 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 valued at $1,733,000 after purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC boosted its holdings in Globalstar by 4.6% in the 1st 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 in the last quarter. TD Waterhouse Canada Inc. increased its position in Globalstar by 3.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock worth $652,000 after purchasing an additional 234 shares during the period. Clearstead Trust LLC increased 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 purchasing an additional 366 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar during the 4th quarter worth approximately $26,000. Institutional investors 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.