Globalstar, Inc. (NASDAQ:GSAT) Receives $69.00 Consensus Price Target from Analysts

Globalstar, Inc. (NASDAQ:GSAT) has been assigned a consensus rating of “Hold” from the five brokerages that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $69.00.

Several equities research analysts have commented on GSAT shares. Craig Hallum reaffirmed a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock.

Insider Transactions at Globalstar

In other news, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the transaction, the chief executive officer directly owned 67,032 shares of the company’s stock, valued at $3,992,425.92. The trade was a 1.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the transaction, the general counsel 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 disclosure for this sale is available in the SEC filing. Insiders have sold 4,999 shares of company stock valued at $293,646 in the last 90 days. 60.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently modified their holdings of the company. Broad Bay Capital Management LP acquired a new position in Globalstar in the 2nd quarter worth about $18,405,000. Marshall Wace LLP grew its holdings in 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 purchasing an additional 742,271 shares during the period. UBS Group AG increased its position in shares of 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 buying an additional 329,270 shares in the last quarter. Defiance ETFs LLC purchased a new stake in shares of Globalstar in the fourth quarter valued at approximately $19,461,000. Finally, American Century Companies Inc. raised its stake in shares of Globalstar by 39.5% during the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock worth $23,888,000 after buying an additional 287,163 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Performance

Shares of Globalstar stock opened at $64.16 on Friday. The company has a 50 day moving average price of $60.45 and a 200 day moving average price of $55.70. The firm has a market capitalization of $8.25 billion, a P/E ratio of -427.70, a PEG ratio of 104.75 and a beta of 1.43. The company has a quick ratio of 2.37, 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.

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.