Globalstar (NASDAQ:GSAT) Upgraded by Zacks Research to “Hold” Rating

Globalstar (NASDAQ:GSAT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts have also recently commented on GSAT. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Globalstar presently has a consensus rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Down 0.3%

Shares of NASDAQ GSAT opened at $79.85 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The company has a market cap of $10.28 billion, a P/E ratio of -532.33 and a beta of 1.55. Globalstar has a 52 week low of $22.35 and a 52 week high of $84.69. The business has a 50-day simple moving average of $81.55 and a two-hundred day simple moving average of $70.54.

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

Insider Activity at Globalstar

In other news, CFO Rebecca Clary sold 920 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the sale, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at approximately $9,832,726.50. This represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 9,023 shares of company stock valued at $727,886 over the last 90 days. Corporate insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

Several institutional investors have recently bought and sold shares of GSAT. LBP AM SA purchased a new position in Globalstar in the fourth quarter worth about $4,139,000. SG Americas Securities LLC grew its holdings in shares of Globalstar by 45.4% during the fourth quarter. SG Americas Securities LLC now owns 28,486 shares of the company’s stock valued at $1,739,000 after buying an additional 8,897 shares during the last quarter. Cannell Capital LLC increased its position in shares of Globalstar by 40.4% during the third quarter. Cannell Capital LLC now owns 72,029 shares of the company’s stock valued at $2,621,000 after acquiring an additional 20,709 shares in the last quarter. Van ECK Associates Corp raised 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 worth $17,807,000 after acquiring an additional 210,993 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in Globalstar in the 4th quarter valued at approximately $2,178,000. 18.89% of the stock is owned by hedge funds and other 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.