Globalstar (NASDAQ:GSAT) Hits New 52-Week High - Here's What Happened

Key Points

• Globalstar shares hit a new 52-week high of $84.85 and were last trading at $84.649, up from the prior close of $83.38.
• Analysts maintain a consensus “Hold” rating, with two Buy ratings and four Holds; the average price target is $69, below the current share price.
• Globalstar reported quarterly revenue of $70.06 million, up 16.7% year over year, but its $0.16 per-share loss significantly missed the $0.02 loss consensus estimate.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $84.85 and last traded at $84.6490, with a volume of 443164 shares. The stock had previously closed at $83.38.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GSAT. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 7th. Clear Str lowered shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $69.00.

Globalstar Stock Up 1.1%

The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The business has a 50-day moving average price of $80.77 and a 200-day moving average price of $72.59. The firm has a market cap of $10.86 billion, a P/E ratio of -562.09 and a beta of 1.55.

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

Insider Buying and Selling

In other news, CFO Rebecca Clary sold 920 shares of the business's stock in a transaction dated 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 owned 120,278 shares in the company, valued at approximately $9,832,726.50. The trade was a 0.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.00% of the company's stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Globalstar in the fourth quarter worth approximately $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar during the 4th quarter valued at $27,000. Optiver Holding B.V. bought a new stake in Globalstar during the 1st quarter valued at $32,000. US Bancorp DE increased its holdings in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company's stock valued at $34,000 after acquiring an additional 800 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of Globalstar in the 3rd quarter valued at $40,000. 18.89% of the stock is currently owned by institutional investors.

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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