Globalstar (NASDAQ:GSAT) Shares Up 8.8% – Should You Buy?

Globalstar, Inc. (NASDAQ:GSAT)’s share price was up 8.8% during trading on Tuesday . The company traded as high as $66.99 and last traded at $67.29. Approximately 95,216 shares were traded during trading, a decline of 86% from the average daily volume of 689,381 shares. The stock had previously closed at $61.82.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Craig Hallum reiterated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Zacks Research lowered 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 report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Globalstar has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Trading Up 6.9%

The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The business’s fifty day moving average is $60.48 and its 200 day moving average is $55.92. The stock has a market cap of $8.50 billion, a PE ratio of -440.38, a P/E/G ratio of 104.75 and a beta of 1.43.

Insider Transactions at Globalstar

In related news, CFO Rebecca Clary sold 762 shares of Globalstar stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $43,670.22. Following the completion of the transaction, the chief financial officer directly owned 110,254 shares of the company’s stock, valued at approximately $6,318,656.74. The trade was a 0.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the sale, the general counsel directly owned 143,348 shares in the company, valued at $8,215,273.88. This trade represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,999 shares of company stock valued at $293,646 in the last quarter. 60.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

Institutional investors and hedge funds have recently made changes to their positions in the business. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in Globalstar during the fourth quarter worth about $27,000. US Bancorp DE raised its position in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Globalstar in the third quarter valued at about $37,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Globalstar in the third quarter valued at about $40,000. 18.89% of the stock is currently 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.