Globalstar, Inc. (NASDAQ:GSAT) Receives Consensus Recommendation of “Hold” from Analysts

Globalstar, Inc. (NASDAQ:GSAT) has been given a consensus rating of “Hold” by the five analysts that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $69.00.

A number of research analysts have recently issued reports on GSAT shares. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective for the company. Craig Hallum reaffirmed a “buy” rating and set a $70.00 target price on shares of Globalstar in a research report on Monday, March 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th.

Globalstar Stock Up 2.8%

GSAT stock traded up $1.68 during midday trading on Friday, reaching $61.96. 161,683 shares of the company’s stock traded hands, compared to its average volume of 669,284. The company has a market cap of $7.96 billion, a price-to-earnings ratio of -416.33, a P/E/G ratio of 110.01 and a beta of 1.43. The firm’s fifty day moving average price is $60.37 and its 200-day moving average price is $55.21. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. Globalstar has a 52 week low of $17.24 and a 52 week high of $74.88.

Insider Buying and Selling

In other news, CEO Paul E. Jacobs sold 1,153 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $66,078.43. Following the transaction, the chief executive officer owned 61,080 shares in the company, valued at $3,500,494.80. The trade was a 1.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rebecca Clary sold 1,260 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the completion of the transaction, the chief financial officer directly owned 108,123 shares of the company’s stock, valued at approximately $6,640,914.66. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 7,519 shares of company stock worth $448,425. 61.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its stake in shares of Globalstar by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after purchasing an additional 248 shares during the period. Clearstead Trust LLC increased its holdings in Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after buying an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in Globalstar in the fourth quarter worth about $26,000. NewEdge Advisors LLC raised its position in 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 period. Finally, Meeder Asset Management Inc. purchased a new position in Globalstar in the fourth quarter valued at about $27,000. 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.