Globalstar (NASDAQ:GSAT) Reaches New 12-Month High – What’s Next?

Globalstar, Inc. (NASDAQ:GSAT)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.85 and last traded at $84.6490, with a volume of 443164 shares traded. The stock had previously closed at $83.38.

Analyst Ratings Changes

GSAT has been the topic of several research reports. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $69.00.

Globalstar Price Performance

The company’s 50 day moving average price is $80.80 and its 200 day moving average price is $72.87. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60. The company has a market cap of $10.78 billion, a price-to-earnings ratio of -557.93 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The firm had revenue of $70.06 million for the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The firm’s revenue was up 16.7% on a year-over-year basis. On average, equities research analysts predict that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Globalstar

In other news, CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total value of $75,210.00. Following the completion of the transaction, the chief financial officer owned 120,278 shares in the company, valued at approximately $9,832,726.50. The trade was 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 own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its stake in Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC lifted its position in Globalstar by 4.6% during the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after buying an additional 160 shares in the last quarter. Clearstead Trust LLC grew its holdings in Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after acquiring an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar in the 4th quarter valued at about $26,000. Finally, NewEdge Advisors LLC raised its stake in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

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.