Globalstar (NASDAQ:GSAT) Shares Up 8.8% – Here’s Why

Globalstar, Inc. (NASDAQ:GSAT)’s stock price traded up 8.8% during trading on Tuesday . The stock traded as high as $66.99 and last traded at $67.29. 95,216 shares changed hands during trading, a decline of 86% from the average session volume of 689,381 shares. The stock had previously closed at $61.82.

Wall Street Analysts Forecast Growth

GSAT has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target on the stock. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Craig Hallum reiterated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Globalstar presently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Stock Performance

The stock has a market capitalization of $8.81 billion, a P/E ratio of -456.84, a PEG ratio of 108.44 and a beta of 1.46. The firm has a 50-day moving average of $60.77 and a 200 day moving average of $56.26. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27.

Insider Transactions at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 682 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 $39,085.42. Following the sale, the general counsel directly owned 143,348 shares in the company, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $66,078.43. Following the completion of the transaction, the chief executive officer directly owned 61,080 shares of the company’s stock, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 4,999 shares of company stock valued at $293,646. Company insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar in the 4th quarter valued at $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar in the fourth quarter valued at $27,000. US Bancorp DE raised its stake in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Globalstar during the third quarter worth $37,000. Finally, Advisory Services Network LLC bought a new position in shares of Globalstar during the third quarter valued at $40,000. 18.89% of the stock is owned by institutional investors and hedge funds.

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.