Globalstar (NASDAQ:GSAT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Globalstar (NASDAQ:GSAT) from a sell rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

Several other brokerages also recently weighed in on GSAT. Weiss Ratings downgraded shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. Finally, Craig Hallum downgraded Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research note on Tuesday, August 18th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $76.00.

Globalstar Stock Performance

Shares of NASDAQ:GSAT opened at $85.78 on Friday. The firm has a fifty day moving average price of $82.87 and a 200 day moving average price of $76.47. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. Globalstar has a 1-year low of $52.88 and a 1-year high of $86.92.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The business had revenue of $70.90 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. On average, equities analysts anticipate that Globalstar will post -0.62 EPS for the current fiscal year.

Insider Buying and Selling at Globalstar

In other news, Director James Monroe, III acquired 361,600 shares of Globalstar stock in a transaction that occurred on Friday, September 18th. The stock was purchased at an average price of $82.52 per share, for a total transaction of $29,839,232.00. Following the completion of the transaction, the director directly owned 408,253 shares in the company, valued at approximately $33,689,037.56. This trade represents a 775.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James F. Lynch sold 361,600 shares of Globalstar stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $82.52, for a total value of $29,839,232.00. Following the completion of the sale, the director directly owned 351,114 shares in the company, valued at $28,973,927.28. This represents a 50.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 645,099 shares of company stock valued at $53,196,647. Insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. grew its stake in shares of Globalstar by 6.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 14,816 shares of the company’s stock worth $1,228,000 after purchasing an additional 841 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Globalstar in the third quarter valued at about $27,000. Fifth Third Bancorp acquired a new stake in shares of Globalstar in the third quarter valued at about $29,000. Machina Capital S.A.S. purchased a new stake in Globalstar during the third quarter worth about $902,000. Finally, New York Life Investment Management LLC boosted its holdings in Globalstar by 5.5% during the third quarter. New York Life Investment Management LLC now owns 81,553 shares of the company’s stock worth $6,760,000 after buying an additional 4,235 shares in the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

About Globalstar

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments.

The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.

Globalstar was founded in 1991 and is headquartered in Covington, Louisiana.