Globalstar, Inc. (NASDAQ:GSAT) Stock Has Average Target Price of $75.67 According to Analysts

Key Points

• Analysts remain cautious: Globalstar has an average “Reduce” rating from six analysts, with two sells, three holds and one buy. The average 12-month price target is $75.67, below the stock’s recent price of $82.83.
• Quarterly results missed expectations: Globalstar reported an adjusted loss of $0.23 per share versus the $0.09 consensus estimate, while revenue fell 3.5% year over year to $64.77 million.
• Insiders have been selling: Company insiders sold 685,864 shares worth approximately $56.6 million over the past 90 days, although insiders still own 60% of the stock.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) has earned an average rating of "Reduce" from the six research firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $75.67.

Several analysts recently issued reports on the stock. Zacks Research cut shares of Globalstar from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a research note on Saturday, August 8th. Craig Hallum lowered shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 18th. Finally, Weiss Ratings cut Globalstar from a "hold (c)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd.

Globalstar Price Performance

Shares of Globalstar stock traded down $0.21 during trading hours on Tuesday, reaching $82.83. 96,594 shares of the company's stock were exchanged, compared to its average volume of 1,057,560. The business has a fifty day moving average of $82.61 and a two-hundred day moving average of $80.57. The company has a market capitalization of $10.73 billion, a P/E ratio of -162.49 and a beta of 1.45. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. Globalstar has a 1 year low of $40.50 and a 1 year high of $84.85.

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

Insider Transactions at Globalstar

In related news, General Counsel L. Ponder, IV sold 1,692 shares of Globalstar stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $82.96, for a total transaction of $140,368.32. Following the transaction, the general counsel owned 128,891 shares in the company, valued at approximately $10,692,797.36. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Benjamin Wolff sold 19,998 shares of Globalstar stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the transaction, the director owned 4,116 shares in the company, valued at approximately $337,429.68. The trade was a 82.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 685,864 shares of company stock valued at $56,598,086. 60.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its position in Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock valued at $1,733,000 after purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC lifted its stake in shares of Globalstar by 4.6% in the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock valued at $241,000 after purchasing an additional 160 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of Globalstar by 3.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company's stock valued at $652,000 after purchasing an additional 234 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Globalstar by 1.9% during the 2nd 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 during the period. Finally, Amundi grew its holdings in shares of Globalstar by 11.7% during the 1st quarter. Amundi now owns 4,173 shares of the company's stock worth $277,000 after purchasing an additional 437 shares during the period. Hedge funds and other institutional investors own 18.89% of the company's stock.

About Globalstar

Globalstar, Inc NASDAQ: GSAT provides satellite communications and connectivity services to customers in North America, South America, Europe, Australia, and other regions. The company operates a constellation of low-Earth-orbit satellites and a network of ground stations that support voice, data, asset-tracking, and other communications applications, particularly in areas with limited or no traditional cellular coverage.

Its products and services include two-way mobile satellite voice and data communications, one-way satellite messaging and tracking, and connectivity solutions for industries such as government, transportation, maritime, emergency response, recreation, and natural-resource management.

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