Globalstar (NASDAQ:GSAT) Stock Price Up 19.4% – Should You Buy?

Globalstar, Inc. (NASDAQ:GSAT)’s stock price traded up 19.4% on Wednesday . The stock traded as high as $73.48 and last traded at $72.9590. 681,407 shares changed hands during trading, an increase of 8% from the average session volume of 629,313 shares. The stock had previously closed at $61.09.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price on the stock. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. Finally, Craig Hallum reiterated a “buy” rating and set a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Globalstar has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Trading Up 12.6%

The stock has a fifty day moving average of $60.34 and a 200-day moving average of $55.09. The company has a market cap of $8.84 billion, a PE ratio of -458.82, a PEG ratio of 98.94 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42.

Insider Activity

In related news, CFO Rebecca Clary sold 762 shares of Globalstar stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $43,670.22. Following the completion of the sale, the chief financial officer owned 110,254 shares in the company, valued at $6,318,656.74. This trade represents a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Paul E. Jacobs sold 714 shares of the business’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the sale, the chief executive officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 7,519 shares of company stock valued at $448,425. 60.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globalstar

A number of institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its stake in Globalstar by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after purchasing an additional 248 shares in the last quarter. Clearstead Trust LLC grew its position in shares of Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after buying an additional 366 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar during the fourth quarter valued at $26,000. NewEdge Advisors LLC raised its holdings in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after acquiring an additional 430 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in Globalstar in the fourth quarter worth about $27,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Company Profile

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.