Globalstar (NASDAQ:GSAT) Shares Up 15.3% on Analyst Upgrade

Key Points

• Shares jumped 15.3% after B. Riley upgraded GSAT and raised its price target from $60 to $75, with the stock trading as high as $58.77 on Monday.
• Company insiders have been selling recently — including the CFO and a VP — totaling 122,510 shares sold in the last 90 days, though insiders still own about 61% of the company.
• Globalstar slightly beat quarterly EPS estimates (reported -$0.01 vs. -$0.03) on $73.85M revenue but remains unprofitable with a negative net margin and a negative P/E, and a market cap of roughly $7.45 billion.

Shares of Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) shot up 15.3% during trading on Monday after B. Riley raised their price target on the stock from $60.00 to $75.00. B. Riley currently has a buy rating on the stock. Globalstar traded as high as $58.77 and last traded at $58.21. 605,567 shares traded hands during trading, a decline of 32% from the average session volume of 892,023 shares. The stock had previously closed at $50.48.

A number of other research analysts also recently issued reports on GSAT. Zacks Research downgraded Globalstar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Globalstar in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $75.00.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 5,359 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $29.75, for a total transaction of $159,430.25. Following the completion of the transaction, the chief financial officer owned 107,761 shares of the company's stock, valued at approximately $3,205,889.75. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy Evan Taylor sold 26,334 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $30.57, for a total value of $805,030.38. Following the completion of the sale, the vice president directly owned 320,244 shares in the company, valued at approximately $9,789,859.08. This represents a 7.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 122,510 shares of company stock valued at $4,171,544. 61.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company's stock valued at $190,455,000 after buying an additional 141,451 shares during the period. Greenhouse Funds LLLP increased its position in Globalstar by 11.6% during the second quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company's stock valued at $47,701,000 after acquiring an additional 209,825 shares during the last quarter. Senvest Management LLC lifted its holdings in Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company's stock valued at $31,334,000 after acquiring an additional 452,624 shares during the period. Geode Capital Management LLC boosted its position in Globalstar by 1.6% in the second quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company's stock worth $30,019,000 after purchasing an additional 20,514 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Globalstar by 39.5% in the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company's stock worth $23,888,000 after purchasing an additional 287,163 shares during the period. Hedge funds and other institutional investors own 18.89% of the company's stock.

Globalstar Stock Up 16.5%

The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $7.45 billion, a P/E ratio of -130.69 and a beta of 1.00. The company has a fifty day moving average of $40.00.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced its earnings results on Thursday, November 6th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.02. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. The business had revenue of $73.85 million during the quarter. During the same period in the prior year, the company posted $0.06 earnings per share. The firm's quarterly revenue was up 2.1% on a year-over-year basis. Globalstar has set its FY 2025 guidance at EPS.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.

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