Globalstar (NASDAQ:GSAT) Downgraded to “Hold” Rating by Craig Hallum

Globalstar (NASDAQ:GSAT) was downgraded by equities research analysts at Craig Hallum from a “buy” rating to a “hold” rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $90.00 price objective on the stock. Craig Hallum’s target price would suggest a potential upside of 8.39% from the stock’s previous close.

A number of other research analysts also recently commented on GSAT. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $75.67.

Globalstar Price Performance

Shares of GSAT opened at $83.03 on Tuesday. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of -162.80 and a beta of 1.58. Globalstar has a fifty-two week low of $24.37 and a fifty-two week high of $84.85. 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 business’s 50-day moving average is $80.87 and its 200-day moving average is $74.21.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The company had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. Equities research analysts expect that Globalstar will post -0.62 EPS for the current fiscal year.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 24,100 shares of the 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 directly owned 96,540 shares of the company’s stock, valued at $7,932,691.80. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Timothy Evan Taylor sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the transaction, the vice president owned 245,244 shares in the company, valued at approximately $20,392,038.60. This trade represents a 23.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 173,496 shares of company stock worth $14,414,424 in the last 90 days. 60.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

Several large investors have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in Globalstar during the fourth quarter valued at about $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar during the 4th quarter valued at approximately $27,000. Optiver Holding B.V. acquired a new stake in Globalstar in the 1st quarter valued at approximately $32,000. US Bancorp DE boosted its position in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the period. Finally, NewEdge Advisors LLC grew its stake in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares during the last quarter. 18.89% of the stock is owned by 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.