Globalstar (NASDAQ:GSAT) Rating Increased to Hold at Zacks Research

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

Other research analysts have also recently issued reports about the company. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Performance

GSAT opened at $79.85 on Tuesday. The company’s 50 day moving average is $81.55 and its 200 day moving average is $70.54. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The company has a market cap of $10.28 billion, a price-to-earnings ratio of -532.33 and a beta of 1.55. Globalstar has a 12-month low of $22.35 and a 12-month high of $84.69.

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

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the business’s 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 sale, the chief financial officer directly owned 121,198 shares of the company’s stock, valued at $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 9,023 shares of company stock valued at $727,886 in the last ninety days. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Globalstar in the fourth quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar in the fourth quarter worth $27,000. Optiver Holding B.V. purchased a new stake in Globalstar in the first quarter worth $32,000. US Bancorp DE lifted its position in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Globalstar by 85.1% during the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after purchasing an additional 430 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.

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.