Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) PT at $68.50

Shares of Globalstar, Inc. (NASDAQ:GSAT) have been given a consensus recommendation of “Hold” by the five ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $69.00.

GSAT has been the subject of several research reports. B. Riley Financial boosted their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock. Craig Hallum reiterated a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th.

Insider Transactions at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the company’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the transaction, the general counsel directly owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This represents a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Paul E. Jacobs sold 845 shares of Globalstar stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the sale, the chief executive officer owned 58,830 shares in the company, valued at $3,871,014. This trade represents a 1.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,305 shares of company stock valued at $976,100. Insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GSAT. Broad Bay Capital Management LP acquired a new position in Globalstar in the 2nd quarter valued at $18,405,000. Marshall Wace LLP boosted its holdings in shares of Globalstar by 2,093.4% in the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock valued at $18,315,000 after acquiring an additional 742,271 shares in the last quarter. Senvest Management LLC increased its stake in shares of Globalstar by 51.6% during the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after acquiring an additional 452,624 shares during the period. Penserra Capital Management LLC raised its holdings in Globalstar by 320.9% during the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after purchasing an additional 370,943 shares in the last quarter. Finally, UBS Group AG lifted its position in Globalstar by 166.9% in the fourth quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after purchasing an additional 329,270 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Globalstar Stock Up 1.4%

Shares of GSAT opened at $61.30 on Monday. The company’s 50-day moving average price is $61.32 and its 200 day moving average price is $51.90. Globalstar has a 12-month low of $17.24 and a 12-month high of $74.88. The company has a current ratio of 2.42, a quick ratio of 2.46 and a debt-to-equity ratio of 1.27. The firm has a market cap of $7.88 billion, a P/E ratio of -408.64 and a beta of 1.43.

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.