Globalstar (NASDAQ:GSAT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Globalstar from “sell” to “hold.” Across analysts, the stock has a consensus “hold” rating and an average price target of $75.67.
• Globalstar reported quarterly earnings per share of -$0.14, missing the consensus estimate of -$0.12; quarterly revenue was $70.9 million.
• Director James Monroe III bought 361,600 shares for about $29.8 million, while company insiders overall sold 673,819 shares worth about $55.6 million over the past three months.

Globalstar (NASDAQ:GSAT - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on the company. Craig Hallum cut Globalstar from a "buy" rating to a "hold" rating and set a $90.00 target price for the company. in a research note on Tuesday, August 18th. Weiss Ratings downgraded shares of Globalstar from a "hold (c)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd. Finally, Zacks Research upgraded Globalstar from a "strong sell" rating to a "hold" rating in a report on Thursday, October 15th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $75.67.

Globalstar Stock Up 0.9%

Shares of NASDAQ GSAT opened at $84.32 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The firm has a 50 day moving average of $82.79 and a 200 day moving average of $76.35. Globalstar has a 12-month low of $47.25 and a 12-month high of $85.10.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%. The business had revenue of $70.90 million for the quarter. Sell-side analysts expect that Globalstar will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Globalstar

In other news, Director James Monroe, III purchased 361,600 shares of the company's stock in a transaction that occurred on Friday, September 18th. The stock was acquired at an average cost of $82.52 per share, with a total value of $29,839,232.00. Following the acquisition, the director owned 408,253 shares in the company, valued at approximately $33,689,037.56. This trade represents a 775.08% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Benjamin G. Wolff sold 32,711 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $83.19, for a total value of $2,721,228.09. Following the completion of the transaction, the director owned 4,116 shares of the company's stock, valued at $342,410.04. This represents a 88.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 673,819 shares of company stock worth $55,595,821 over the last three months. 60.00% of the stock is currently owned by insiders.

Institutional Trading of Globalstar

Several hedge funds have recently added to or reduced their stakes in GSAT. PNC Financial Services Group Inc. increased its position in shares of Globalstar by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock valued at $1,733,000 after acquiring an additional 144 shares in the last quarter. TD Waterhouse Canada Inc. boosted its stake in shares of Globalstar by 3.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company's stock worth $652,000 after purchasing an additional 234 shares during the period. Arizona State Retirement System grew its stake in Globalstar by 1.9% in the second quarter. Arizona State Retirement System now owns 14,193 shares of the company's stock worth $1,154,000 after purchasing an additional 258 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Globalstar by 114.1% in the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company's stock worth $43,000 after buying an additional 275 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Globalstar during the 3rd quarter worth about $27,000. Institutional investors own 18.89% of the company's stock.

About Globalstar

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.

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