Globalstar (NASDAQ:GSAT) Shares Up 6% – Still a Buy?

Shares of Globalstar, Inc. (NASDAQ:GSAT) traded up 6% during trading on Friday . The stock traded as high as $62.45 and last traded at $61.37. 372,531 shares were traded during mid-day trading, a decline of 40% from the average session volume of 620,688 shares. The stock had previously closed at $57.88.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Finally, B. Riley Financial lifted their price objective on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $68.50.

Globalstar Trading Up 8.2%

The firm’s 50 day moving average is $61.52 and its 200 day moving average is $50.78. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.53 and a quick ratio of 2.46. The company has a market cap of $7.94 billion, a PE ratio of -136.13 and a beta of 1.52.

Insiders Place Their Bets

In other Globalstar news, CEO Paul E. Jacobs sold 845 shares of Globalstar stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $65.80, for a total transaction of $55,601.00. Following the completion of the sale, the chief executive officer directly owned 58,830 shares in the company, valued at $3,871,014. The trade was a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the stock in a transaction on Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the transaction, the general counsel directly owned 135,568 shares in the company, valued at $8,326,586.56. The trade was a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,685 shares of company stock worth $1,238,549 in the last ninety days. 61.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GSAT. Broad Bay Capital Management LP bought a new position in Globalstar during the second quarter valued at approximately $18,405,000. Marshall Wace LLP grew its holdings in shares of Globalstar by 2,093.4% during the 2nd quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock valued at $18,315,000 after purchasing an additional 742,271 shares during the last quarter. Senvest Management LLC lifted its stake in Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after purchasing an additional 452,624 shares during the last quarter. Penserra Capital Management LLC boosted its position in Globalstar by 320.9% during the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock valued at $11,456,000 after buying an additional 370,943 shares during the period. Finally, UBS Group AG grew its position in Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock worth $32,142,000 after acquiring an additional 329,270 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

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.