Globalstar, Inc. (NASDAQ:GSAT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Globalstar, Inc. (NASDAQ:GSAT) have received a consensus recommendation of “Hold” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $69.00.

Several brokerages have issued reports on GSAT. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th.

Globalstar Price Performance

NASDAQ:GSAT remained flat at $80.39 during mid-day trading on Friday. The company had a trading volume of 1,219,432 shares, compared to its average volume of 1,630,395. The firm has a market capitalization of $10.35 billion, a PE ratio of -535.93 and a beta of 1.55. Globalstar has a 12-month low of $22.35 and a 12-month high of $84.69. The company has a 50-day moving average of $81.65 and a 200 day moving average of $70.10. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data 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 firm had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. Globalstar’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, research analysts predict that Globalstar will post -0.02 EPS for the current year.

Insider Buying and Selling at Globalstar

In other 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 value of $330,321.84. Following the transaction, the chief financial officer owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 9,023 shares of company stock valued at $727,886. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of large investors have recently bought and sold shares of GSAT. Acadian Asset Management LLC purchased a new stake in shares of Globalstar in the first quarter valued at about $99,000. Invesco Ltd. lifted its position in Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after purchasing an additional 3,462 shares during the period. BNP Paribas Financial Markets boosted its holdings in Globalstar by 80.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in Globalstar by 28.4% in the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after purchasing an additional 3,334 shares in the last quarter. Finally, Cannell Capital LLC increased its position in Globalstar by 1.1% during the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the period. Hedge funds and other 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.