Globalstar (NASDAQ:GSAT) Lowered to “Hold” Rating by Clear Str

Clear Str lowered shares of Globalstar (NASDAQ:GSAT) from a strong-buy rating to a hold rating in a report published on Friday morning,Zacks.com reports.

Other research analysts have also issued reports about the company. Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Finally, Craig Hallum reiterated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Globalstar has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Trading Down 0.1%

GSAT opened at $81.98 on Friday. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of -546.53 and a beta of 1.56. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. Globalstar has a 12 month low of $17.76 and a 12 month high of $83.00. The stock has a fifty day moving average price of $72.02 and a 200-day moving average price of $64.55.

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

Insiders Place Their Bets

In other Globalstar news, CEO Paul E. Jacobs sold 714 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the sale, the general counsel directly owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. This represents a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,257 shares of company stock valued at $890,722. 60.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new position in shares of Globalstar in the first quarter valued at about $99,000. Invesco Ltd. increased its holdings in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after purchasing an additional 3,462 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares during the period. Corient Private Wealth LLC increased its holdings in shares of Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after purchasing an additional 3,334 shares during the period. Finally, Cannell Capital LLC increased its holdings in shares of Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after purchasing an additional 580 shares during the period. Institutional investors and hedge funds 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.