Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) PT at $68.50

Globalstar, Inc. (NASDAQ:GSAT) has been assigned an average recommendation of “Hold” from the five analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $69.00.

Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target on the stock. B. Riley Financial upped their price objective on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Craig Hallum reaffirmed a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Finally, Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd.

Globalstar Price Performance

Shares of GSAT stock opened at $56.44 on Monday. The firm has a market cap of $7.26 billion, a P/E ratio of -376.24, a P/E/G ratio of 92.15 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. Globalstar has a 1-year low of $17.24 and a 1-year high of $74.88. The firm has a fifty day moving average of $61.12 and a two-hundred day moving average of $52.54.

Insiders Place Their Bets

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 1,260 shares of Globalstar 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 general counsel directly owned 135,568 shares in the company, valued at $8,326,586.56. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 shares were sold at an average price of $65.80, for a total value of $55,601.00. Following the transaction, the chief executive officer owned 58,830 shares of the company’s stock, valued at $3,871,014. This represents a 1.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,863 shares of company stock valued at $810,337 over the last 90 days. 61.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in shares of Globalstar in the first quarter valued at approximately $99,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Globalstar during the second quarter worth approximately $343,000. Palogic Value Management L.P. bought a new position in Globalstar in the 2nd quarter worth approximately $1,178,000. Penserra Capital Management LLC grew its holdings in Globalstar by 320.9% in the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after buying an additional 370,943 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Globalstar in the 2nd quarter valued at approximately $385,000. 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.