Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) PT at $69.00

Globalstar, Inc. (NASDAQ:GSAT) has received an average recommendation of “Hold” from the five brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $69.00.

Several research firms have commented on GSAT. Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th.

Insider Transactions at Globalstar

In other news, CEO Paul E. Jacobs sold 714 shares of the business’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 4,037 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $79.85, for a total value of $322,354.45. Following the sale, the chief financial officer owned 115,741 shares of the company’s stock, valued at $9,241,918.85. The trade was a 3.37% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 8,191 shares of company stock worth $560,400. 60.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

A number of institutional investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in Globalstar during the 3rd quarter worth approximately $713,000. Essex Investment Management Co. LLC purchased a new stake in Globalstar during the 3rd quarter worth approximately $7,072,000. JT Stratford LLC purchased a new stake in Globalstar during the 3rd quarter worth approximately $2,678,000. Vanguard Group Inc. increased its holdings in Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after purchasing an additional 141,451 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Globalstar by 24.3% during the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock worth $45,868,000 after purchasing an additional 246,123 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Down 0.1%

GSAT opened at $81.29 on Tuesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of -541.90, a price-to-earnings-growth ratio of 132.80 and a beta of 1.46. The business has a 50-day moving average of $66.04 and a two-hundred day moving average of $60.75. Globalstar has a 12 month low of $17.24 and a 12 month high of $81.57.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Friday, February 27th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.12). The business had revenue of $71.96 million during the quarter, compared to analysts’ expectations of $71.80 million. Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The business’s revenue for the quarter was up 17.6% on a year-over-year basis. On average, research analysts expect that Globalstar will post 0.02 earnings per share for the current year.

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.