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

Zacks Research cut shares of Globalstar (NASDAQ:GSAT) from a hold rating to a strong sell rating in a report released on Tuesday morning,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective on the stock. B. Riley Financial upped their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Stock Down 5.3%

Shares of GSAT traded down $3.23 during trading hours on Tuesday, reaching $58.07. The company’s stock had a trading volume of 370,286 shares, compared to its average volume of 632,489. The company has a 50 day moving average of $61.32 and a two-hundred day moving average of $51.90. The company has a quick ratio of 2.46, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of -387.11 and a beta of 1.43. Globalstar has a 1-year low of $17.24 and a 1-year high of $74.88.

Insider Activity

In other news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the transaction, the general counsel owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Paul E. Jacobs sold 845 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the completion of the sale, the chief executive officer owned 58,830 shares of the company’s stock, valued at approximately $3,871,014. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 16,305 shares of company stock valued at $976,100. Insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GSAT. Broad Bay Capital Management LP bought a new stake in Globalstar during the second quarter valued at about $18,405,000. Marshall Wace LLP increased its stake in shares of Globalstar by 2,093.4% in the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock worth $18,315,000 after purchasing an additional 742,271 shares during the period. Senvest Management LLC lifted its position in shares of Globalstar by 51.6% during the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after purchasing an additional 452,624 shares during the last quarter. Penserra Capital Management LLC boosted its stake in Globalstar by 320.9% during the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock valued at $11,456,000 after purchasing an additional 370,943 shares during the period. Finally, UBS Group AG boosted its stake in 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 purchasing an additional 329,270 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.