Globalstar (NASDAQ:GSAT) Hits New 1-Year High – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $84.22 and last traded at $83.59, with a volume of 1495448 shares trading hands. The stock had previously closed at $83.00.

Analyst Ratings Changes

GSAT has been the subject of a number of analyst reports. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings raised shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Finally, Craig Hallum reissued a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Stock Up 0.7%

The firm has a market cap of $10.77 billion, a P/E ratio of -557.27 and a beta of 1.56. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60. The firm’s fifty day moving average is $75.49 and its 200 day moving average is $66.40.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.14). The company had revenue of $70.06 million for the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The firm’s quarterly revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts anticipate that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the sale, the chief financial officer owned 121,198 shares of the company’s stock, valued at $9,846,125.52. The trade was a 3.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 714 shares of the business’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the sale, the chief executive officer directly owned 67,032 shares of the company’s stock, valued at $3,992,425.92. This represents a 1.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,257 shares of company stock valued at $890,722 in the last quarter. Company insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

A number of institutional investors have recently bought and sold shares of GSAT. UBS Group AG boosted its holdings in Globalstar by 166.9% in the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after purchasing an additional 329,270 shares during the period. Defiance ETFs LLC bought a new stake in Globalstar in the 4th quarter valued at about $19,461,000. American Century Companies Inc. boosted its holdings in Globalstar by 24.3% in the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock valued at $45,868,000 after purchasing an additional 246,123 shares during the period. Sculptor Capital LP bought a new stake in Globalstar in the 1st quarter valued at about $15,742,000. Finally, Van ECK Associates Corp boosted its holdings in Globalstar by 75.8% in the 3rd quarter. Van ECK Associates Corp now owns 489,326 shares of the company’s stock valued at $17,807,000 after purchasing an additional 210,993 shares during the period. 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.