Globalstar (NASDAQ:GSAT) Sets New 12-Month High – Still a Buy?

Shares of Globalstar, Inc. (NASDAQ:GSAT) reached a new 52-week high on Thursday . The company traded as high as $82.35 and last traded at $81.5140, with a volume of 15544 shares trading hands. The stock had previously closed at $81.63.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GSAT shares. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Trading Down 0.7%

The firm has a market cap of $10.51 billion, a P/E ratio of -544.63, a price-to-earnings-growth ratio of 134.37 and a beta of 1.56. The stock has a fifty day simple moving average of $68.27 and a 200 day simple moving average of $62.03. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42.

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

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of Globalstar stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the sale, the chief financial officer owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. This trade represents a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the sale, the general counsel directly owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 12,257 shares of company stock valued at $890,722. Corporate insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently modified their holdings of GSAT. Acadian Asset Management LLC bought a new stake in shares of Globalstar in the 1st quarter worth $99,000. Invesco Ltd. grew its holdings in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after acquiring an additional 3,462 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after acquiring an additional 2,331 shares during the period. Corient Private Wealth LLC grew its holdings in shares of Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after acquiring an additional 3,334 shares during the period. Finally, Cannell Capital LLC grew its holdings in shares of Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after acquiring an additional 580 shares during the period. Institutional investors 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.