Zacks Research Downgrades Globalstar (NASDAQ:GSAT) to Strong Sell

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

A number of other equities analysts have also recently issued reports on GSAT. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Craig Hallum restated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Globalstar presently has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Down 0.4%

Shares of GSAT stock opened at $82.33 on Tuesday. Globalstar has a 1 year low of $17.76 and a 1 year high of $83.00. The stock has a market cap of $10.60 billion, a PE ratio of -548.87, a price-to-earnings-growth ratio of 134.97 and a beta of 1.56. The business’s fifty day moving average is $71.18 and its 200-day moving average is $64.16. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) 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 firm had revenue of $70.06 million for the quarter. The business’s revenue was up 16.7% compared to the same quarter last year. Equities analysts expect that Globalstar will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel L Barbee Iv Ponder sold 682 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 value of $39,085.42. Following the transaction, the general counsel directly owned 143,348 shares in the company, valued at $8,215,273.88. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Paul E. Jacobs sold 1,153 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 61,080 shares of the company’s stock, valued at approximately $3,500,494.80. This trade represents a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,257 shares of company stock worth $890,722 in the last three months. 60.00% of the stock is currently owned by insiders.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in shares of Globalstar in the third quarter worth $713,000. Essex Investment Management Co. LLC acquired a new stake in shares of Globalstar in the third quarter worth $7,072,000. JT Stratford LLC acquired a new stake in shares of Globalstar in the third quarter worth $2,678,000. Vanguard Group Inc. boosted its position in shares of Globalstar by 2.8% in the third quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after buying an additional 141,451 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Globalstar by 24.3% in the third quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock worth $45,868,000 after buying an additional 246,123 shares during the period. Institutional investors and hedge funds 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.