Globalstar (NASDAQ:GSAT) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Globalstar (NASDAQ:GSAT) to a sell rating in a research report released on Saturday.

GSAT has been the subject of a number of other research reports. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Globalstar currently has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Price Performance

NASDAQ GSAT opened at $83.40 on Friday. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of -163.53 and a beta of 1.58. Globalstar has a 12 month low of $24.37 and a 12 month high of $84.85. The company’s 50 day moving average is $80.74 and its two-hundred day moving average is $73.25. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The firm had revenue of $64.77 million during the quarter. Globalstar had a negative return on equity of 15.93% and a negative net margin of 22.25%.Globalstar’s revenue was down 3.5% compared to the same quarter last year. As a group, research analysts anticipate that Globalstar will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Globalstar

In related news, CFO Rebecca Clary sold 920 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total value of $75,210.00. Following the completion of the transaction, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at approximately $9,832,726.50. This trade represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in shares of Globalstar in the 2nd quarter worth about $13,233,000. Handelsbanken Fonder AB raised its position in shares of Globalstar by 13.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 16,400 shares of the company’s stock valued at $1,333,000 after buying an additional 2,000 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Globalstar in the 1st quarter valued at about $32,000. Edgestream Partners L.P. lifted its holdings in shares of Globalstar by 64.2% in the 1st quarter. Edgestream Partners L.P. now owns 23,329 shares of the company’s stock valued at $1,550,000 after acquiring an additional 9,118 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Globalstar by 11.6% in the first quarter. Janus Henderson Group PLC now owns 22,702 shares of the company’s stock worth $1,507,000 after acquiring an additional 2,367 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other 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.