Analysts Set Globalstar, Inc. (NASDAQ:GSAT) Target Price at $69.00

Globalstar, Inc. (NASDAQ:GSAT) has been given an average rating of “Hold” by the six brokerages that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $69.00.

GSAT has been the topic of several recent research reports. Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th.

Insider Activity

In related news, CFO Rebecca Clary sold 920 shares of the stock in a transaction dated 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 directly owned 120,278 shares in the company, valued at $9,832,726.50. This trade represents a 0.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar during the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar in the 4th quarter worth approximately $27,000. Optiver Holding B.V. purchased a new stake in shares of Globalstar in the 1st quarter worth approximately $32,000. US Bancorp DE increased its position in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Down 0.3%

GSAT stock opened at $83.45 on Thursday. Globalstar has a fifty-two week low of $24.37 and a fifty-two week high of $84.85. The business’s 50 day moving average price is $80.78 and its two-hundred day moving average price is $73.02. 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 capitalization of $10.75 billion, a price-to-earnings ratio of -556.33 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 the consensus estimate of ($0.02) by ($0.14). The firm had revenue of $70.06 million during the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.Globalstar’s revenue for the quarter was up 16.7% on a year-over-year basis. As a group, analysts forecast that Globalstar will post -0.38 earnings per share for the current fiscal year.

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.