Wall Street Zen Upgrades Globalstar (NASDAQ:GSAT) to Hold

Globalstar (NASDAQ:GSAT) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

GSAT has been the subject of a number of other reports. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Weiss Ratings cut Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Finally, Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.67.

Globalstar Stock Performance

Globalstar stock opened at $84.32 on Friday. Globalstar has a fifty-two week low of $47.25 and a fifty-two week high of $85.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.54 and a current ratio of 1.59. The stock has a market cap of $10.92 billion, a P/E ratio of -131.75 and a beta of 1.52. The firm’s fifty day moving average price is $82.79 and its 200-day moving average price is $76.35.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $70.90 million during the quarter. Globalstar had a negative return on equity of 23.10% and a negative net margin of 28.53%. On average, equities research analysts expect that Globalstar will post -0.62 earnings per share for the current fiscal year.

Insider Activity at Globalstar

In related news, General Counsel L. Ponder, IV sold 1,692 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $82.96, for a total transaction of $140,368.32. Following the transaction, the general counsel directly owned 128,891 shares in the company, valued at $10,692,797.36. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Benjamin Wolff sold 19,998 shares of Globalstar stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the completion of the transaction, the director directly owned 4,116 shares in the company, valued at $337,429.68. This trade represents a 82.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 673,819 shares of company stock worth $55,595,821 over the last three months. Corporate insiders own 60.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Globalstar during the third quarter worth about $27,000. Fifth Third Bancorp bought a new stake in shares of Globalstar in the third quarter worth about $29,000. Optiver Holding B.V. bought a new stake in shares of Globalstar in the first quarter worth about $32,000. Parallel Advisors LLC grew its stake in shares of Globalstar by 114.1% in the third quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in Globalstar by 879.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock valued at $62,000 after purchasing an additional 686 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Company Profile

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments.

The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.

Globalstar was founded in 1991 and is headquartered in Covington, Louisiana.