Globalstar, Inc. (NASDAQ:GSAT) Stock Has Average Target Price of $75.67 According to Analysts

Globalstar, Inc. (NASDAQ:GSAT) has been assigned a consensus rating of “Reduce” from the six research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $75.67.

A number of brokerages have recently commented on GSAT. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a research note on Tuesday, August 18th. Wall Street Zen raised shares of Globalstar to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday. Finally, Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th.

Globalstar Trading Down 0.0%

Shares of GSAT opened at $82.46 on Friday. The stock’s fifty day simple moving average is $81.87 and its 200-day simple moving average is $78.54. The firm has a market capitalization of $10.68 billion, a PE ratio of -161.69 and a beta of 1.51. Globalstar has a 12-month low of $33.90 and a 12-month high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company had revenue of $64.77 million during the quarter. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, research analysts predict that Globalstar will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Globalstar

In other Globalstar news, General Counsel L. Ponder, IV sold 1,692 shares of Globalstar stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $82.96, for a total transaction of $140,368.32. Following the transaction, the general counsel directly owned 128,891 shares in the company, valued at approximately $10,692,797.36. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Benjamin Wolff sold 19,998 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $81.98, for a total value of $1,639,436.04. Following the completion of the transaction, the director directly owned 4,116 shares of the company’s stock, valued at approximately $337,429.68. The trade was a 82.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 685,864 shares of company stock worth $56,598,086 in the last three months. 60.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of the business. Optiver Holding B.V. acquired a new stake in Globalstar during the 1st quarter worth approximately $32,000. Parkside Financial Bank & Trust increased its position in shares of Globalstar by 879.5% during the second quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock worth $62,000 after acquiring an additional 686 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Globalstar by 90.0% during the second quarter. Allworth Financial LP now owns 1,043 shares of the company’s stock worth $85,000 after acquiring an additional 494 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Globalstar in the 2nd quarter valued at $97,000. Finally, Meeder Asset Management Inc. boosted its stake in Globalstar by 169.0% in the 1st quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company’s stock worth $80,000 after purchasing an additional 752 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.