Globalstar (NASDAQ:GSAT) Reaches New 52-Week High – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $83.00 and last traded at $82.67, with a volume of 1141355 shares trading hands. The stock had previously closed at $82.25.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings upgraded shares of 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 price objective on shares of Globalstar in a report on Monday, March 2nd. Finally, Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Down 0.3%

The business has a 50-day simple moving average of $71.61 and a two-hundred day simple moving average of $64.42. The company has a market capitalization of $10.57 billion, a price-to-earnings ratio of -547.20 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.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter. Globalstar’s quarterly revenue was up 16.7% on a year-over-year basis. As a group, equities analysts predict that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the 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 transaction, the chief financial officer directly owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. This trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 of the company’s stock, valued at approximately $8,215,273.88. This represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 12,257 shares of company stock valued at $890,722. Corporate insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in GSAT. Acadian Asset Management LLC purchased a new position in shares of Globalstar in the 1st quarter worth about $99,000. Invesco Ltd. grew its holdings in shares of Globalstar by 13.8% during the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after purchasing an additional 3,462 shares during the period. BNP Paribas Financial Markets increased its position in Globalstar by 80.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after purchasing an additional 2,331 shares in the last quarter. Corient Private Wealth LLC increased its position in Globalstar by 28.4% during the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after purchasing an additional 3,334 shares in the last quarter. Finally, Cannell Capital LLC raised its holdings in Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after buying an additional 580 shares during the period. Hedge funds and other 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.