Zacks Research Upgrades Globalstar (NASDAQ:GSAT) to “Hold”

Globalstar (NASDAQ:GSAT) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other analysts have also commented on GSAT. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Trading Down 0.3%

NASDAQ GSAT opened at $79.85 on Tuesday. The business’s 50-day moving average price is $81.55 and its two-hundred day moving average price is $70.54. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $10.28 billion, a PE ratio of -532.33 and a beta of 1.55. Globalstar has a 12 month low of $22.35 and a 12 month high of $84.69.

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

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total value of $330,321.84. Following the transaction, the chief financial officer directly owned 121,198 shares in the company, valued at $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 9,023 shares of company stock valued at $727,886. 60.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds 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 approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar during the 4th quarter valued at $27,000. Optiver Holding B.V. bought a new stake in shares of Globalstar during the 1st quarter worth $32,000. US Bancorp DE lifted its holdings in shares of 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 last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Globalstar during the 3rd quarter worth $40,000. 18.89% of the stock is currently 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.