Globalstar (NASDAQ:GSAT) Stock Rating Lowered by Clear Str

Globalstar (NASDAQ:GSAT) was downgraded by equities researchers at Clear Str from a “strong-buy” rating to a “hold” rating in a report released on Friday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Weiss Ratings raised shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Craig Hallum reissued a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Globalstar has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Price Performance

Shares of NASDAQ GSAT opened at $81.98 on Friday. The firm has a 50-day simple moving average of $72.02 and a 200-day simple moving average of $64.55. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of -546.53 and a beta of 1.56. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. Globalstar has a 52 week low of $17.76 and a 52 week high of $83.00.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The company had revenue of $70.06 million for the quarter. The firm’s revenue was up 16.7% compared to the same quarter last year. On average, equities analysts predict that Globalstar will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the transaction, the general counsel owned 143,348 shares in the company, valued at $8,215,273.88. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Clary sold 4,066 shares of Globalstar stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total transaction of $330,321.84. Following the completion of the transaction, the chief financial officer owned 121,198 shares of the company’s stock, valued at $9,846,125.52. This represents a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 12,257 shares of company stock worth $890,722 over the last 90 days. 60.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar in the fourth quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in Globalstar in the fourth quarter worth approximately $27,000. US Bancorp DE lifted its stake in Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the last quarter. Advisory Services Network LLC purchased a new position in Globalstar in the third quarter worth approximately $40,000. Finally, CWM LLC raised its holdings in Globalstar by 100.6% during the third quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after purchasing an additional 664 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.