Globalstar, Inc. (NASDAQ:GSAT) Given Consensus Recommendation of "Hold" by Analysts

Key Points

• Analysts rate Globalstar “Hold” overall: Four of six analysts recommend holding the stock, while two recommend buying it. The average 12-month price target is $69, below the recent price of $79.84.
• Globalstar shares rose 1.6% to $79.84 and remain near their 52-week high of $84.69, despite trading at a negative P/E ratio and reporting a quarterly EPS loss of $0.16 versus the expected $0.02 loss.
• CFO Rebecca Clary sold 920 shares under a pre-arranged Rule 10b5-1 plan, while institutional investors own 18.89% of the company and several major funds recently increased or initiated positions.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) has been assigned a consensus recommendation of "Hold" from the six analysts that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $69.00.

Several research analysts have recently weighed in on GSAT shares. Clear Str cut Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Zacks Research upgraded Globalstar from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings raised Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, June 5th.

Insider Activity at Globalstar

In other news, CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total value of $75,210.00. Following the completion of the sale, the chief financial officer directly owned 120,278 shares in the company, valued at $9,832,726.50. The trade was a 0.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

Large investors have recently added to or reduced their stakes in the stock. UBS Group AG lifted its holdings in shares of Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company's stock valued at $32,142,000 after buying an additional 329,270 shares during the period. Defiance ETFs LLC purchased a new position in shares of Globalstar in the 4th quarter worth $19,461,000. Sculptor Capital LP bought a new stake in shares of Globalstar in the first quarter worth $15,742,000. Senvest Management LLC increased its position in 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. Finally, First Trust Advisors LP bought a new position in Globalstar in the fourth quarter valued at about $11,471,000. Institutional investors own 18.89% of the company's stock.

Globalstar Stock Up 1.6%

GSAT traded up $1.27 on Thursday, hitting $79.84. The company had a trading volume of 142,635 shares, compared to its average volume of 1,179,924. The stock has a fifty day simple moving average of $80.82 and a 200-day simple moving average of $72.31. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The firm has a market capitalization of $10.28 billion, a P/E ratio of -532.26 and a beta of 1.55. Globalstar has a 52-week low of $22.35 and a 52-week high of $84.69.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The business had revenue of $70.06 million during the quarter. Globalstar's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts expect that Globalstar will post -0.38 EPS for the current fiscal year.

Globalstar Company Profile

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.

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