Globalstar (NASDAQ:GSAT) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Globalstar (NASDAQ:GSAT) from a hold rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

Several other research analysts also recently weighed in on GSAT. Craig Hallum reiterated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, B. Riley Financial raised their target price 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. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Globalstar currently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Stock Performance

NASDAQ GSAT opened at $59.41 on Tuesday. The company has a quick ratio of 2.46, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. Globalstar has a 52-week low of $17.24 and a 52-week high of $74.88. The business’s 50-day moving average price is $61.25 and its 200 day moving average price is $51.95. The firm has a market cap of $7.64 billion, a P/E ratio of -396.04, a P/E/G ratio of 100.08 and a beta of 1.43.

Insider Buying and Selling

In related news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.42, for a total value 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 $8,326,586.56. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 845 shares of Globalstar stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the transaction, the chief executive officer directly owned 58,830 shares of the company’s stock, valued at approximately $3,871,014. This represents a 1.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 16,305 shares of company stock valued at $976,100. Corporate insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC acquired a new stake in Globalstar in the 1st quarter valued at about $99,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Globalstar in the second quarter valued at about $343,000. Penserra Capital Management LLC grew its position in shares of Globalstar by 320.9% in the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock valued at $11,456,000 after purchasing an additional 370,943 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Globalstar in the second quarter valued at approximately $385,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Globalstar during the 2nd quarter worth approximately $314,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.