Globalstar, Inc. (NASDAQ:GSAT) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on Globalstar, with four holds, one sell, and one buy among six firms. The average 12-month price target is $75.67, below the reported share price of $82.52.
• Globalstar’s latest quarter fell short of expectations: it reported an EPS loss of $0.23 versus the consensus loss estimate of $0.09, while revenue declined 3.5% year over year to $64.77 million.
• Insiders sold approximately $26.6 million of shares during the past quarter, including significant sales by two executives. Insiders retain a 60% ownership stake, while institutional investors own 18.89%.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) has been given an average rating of "Hold" by the six research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $75.6667.

GSAT has been the topic of several recent research reports. Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a research note on Saturday, August 8th. Zacks Research cut Globalstar from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Globalstar in a research report on Wednesday, September 2nd. Finally, Craig Hallum cut Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price target for the company. in a research report on Tuesday, August 18th.

Globalstar Stock Down 0.0%

NASDAQ GSAT traded down $0.00 during trading on Friday, hitting $82.52. The stock had a trading volume of 59,583 shares, compared to its average volume of 1,098,098. Globalstar has a 12 month low of $33.90 and a 12 month high of $84.85. 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 company's 50-day moving average price is $81.61 and its two-hundred day moving average price is $77.74. The company has a market capitalization of $10.69 billion, a PE ratio of -161.80 and a beta of 1.51.

Globalstar (NASDAQ:GSAT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $64.77 million during the quarter. The business's quarterly revenue was down 3.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Globalstar will post -0.62 EPS for the current year.

Insider Activity at Globalstar

In other news, VP Timothy Taylor sold 75,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total transaction of $6,236,250.00. Following the transaction, the vice president directly owned 245,244 shares in the company, valued at $20,392,038.60. The trade was a 23.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel L. Ponder, IV sold 4,720 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $83.52, for a total transaction of $394,214.40. Following the completion of the sale, the general counsel directly owned 126,583 shares in the company, valued at approximately $10,572,212.16. The trade was a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 322,572 shares of company stock worth $26,618,486. Insiders own 60.00% of the company's stock.

Hedge Funds Weigh In On Globalstar

Institutional investors have recently bought and sold shares of the business. Sculptor Capital LP purchased a new stake in Globalstar in the 1st quarter valued at $15,742,000. Senvest Management LLC increased its position in shares of Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company's stock valued at $57,715,000 after acquiring an additional 188,325 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Globalstar during the second quarter worth $13,233,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Globalstar in the fourth quarter worth $4,389,000. Finally, Governors Lane LP purchased a new stake in shares of Globalstar during the 2nd quarter valued at $3,016,000. Institutional investors and hedge funds own 18.89% of the company's stock.

Globalstar Company Profile

Globalstar, Inc NASDAQ: GSAT provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.

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