Globalstar (NASDAQ:GSAT) Downgraded by Zacks Research to Strong Sell

Key Points

• Zacks Research downgraded Globalstar from a "hold" to a "strong sell" in a report issued Tuesday.
• Analyst coverage is mixed — two Buys, one Hold and two Sells — leaving a consensus rating of Hold and an average price target of about $69.00.
• Company insiders have been net sellers recently (16,305 shares worth roughly $976,100 over 90 days), though insiders still own about 61.00% of the stock.

Globalstar (NASDAQ:GSAT - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research firms have also recently commented on GSAT. Craig Hallum restated a "buy" rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday. B. Riley Financial increased their price target on shares of Globalstar from $60.00 to $75.00 and gave the company a "buy" rating in a report on Monday, November 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Globalstar in a report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research report on Tuesday, December 16th. They set a "hold" rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $69.00.

Globalstar Trading Up 1.4%

NASDAQ:GSAT opened at $61.30 on Tuesday. The company has a 50-day moving average price of $61.32 and a 200-day moving average price of $51.90. The stock has a market cap of $7.88 billion, a price-to-earnings ratio of -408.64 and a beta of 1.43. The company has a current ratio of 2.42, a quick ratio of 2.46 and a debt-to-equity ratio of 1.27. Globalstar has a 12 month low of $17.24 and a 12 month high of $74.88.

Insider Buying and Selling at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business's stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the transaction, the general counsel directly owned 135,568 shares of the company's stock, valued at approximately $8,326,586.56. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rebecca Clary sold 1,260 shares of the company's stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the completion of the transaction, the chief financial officer owned 108,123 shares of the company's stock, valued at $6,640,914.66. The trade was a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,305 shares of company stock valued at $976,100 over the last ninety days. 61.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globalstar

Institutional investors and hedge funds have recently modified their holdings of the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar in the 4th quarter worth about $26,000. Meeder Asset Management Inc. purchased a new position in Globalstar in the fourth quarter worth about $27,000. US Bancorp DE grew its position in Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company's stock worth $34,000 after acquiring an additional 800 shares in the last quarter. Fortitude Family Office LLC bought a new stake in Globalstar during the third quarter worth approximately $37,000. Finally, Advisory Services Network LLC purchased a new stake in Globalstar during the third quarter valued at approximately $40,000. 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.

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