Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) PT at $68.50

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been assigned a consensus recommendation of “Hold” from the five analysts that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $69.00.

A number of brokerages recently weighed in on GSAT. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday. B. Riley Financial lifted their target price on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Craig Hallum restated a “buy” rating and set a $70.00 target price on shares of Globalstar in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target on the stock.

Globalstar Trading Down 5.0%

Shares of NASDAQ GSAT opened at $56.44 on Monday. Globalstar has a 1-year low of $17.24 and a 1-year high of $74.88. The company has a market cap of $7.26 billion, a PE ratio of -376.24, a P/E/G ratio of 97.00 and a beta of 1.43. The company has a current ratio of 2.42, a quick ratio of 2.46 and a debt-to-equity ratio of 1.27. The company has a 50-day moving average of $61.12 and a two-hundred day moving average of $52.16.

Insider Buying and Selling at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the firm’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the transaction, the general counsel owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Clary sold 4,829 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $56.64, for a total transaction of $273,514.56. Following the sale, the chief financial officer directly owned 106,992 shares of the company’s stock, valued at approximately $6,060,026.88. This trade represents a 4.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,305 shares of company stock worth $976,100. Company insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar during the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar during the fourth quarter worth $27,000. US Bancorp DE grew its holdings in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Globalstar in the 3rd quarter valued at $37,000. Finally, Advisory Services Network LLC bought a new stake in shares of Globalstar in the 3rd quarter valued at $40,000. 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.