Globalstar (NASDAQ:GSAT) Reaches New 12-Month High – Here’s Why

Globalstar, Inc. (NASDAQ:GSAT) shares hit a new 52-week high during trading on Wednesday. The company traded as high as $84.99 and last traded at $84.5450, with a volume of 8,034 shares. The stock had previously closed at $83.77.

Wall Street Analyst Weigh In

GSAT has been the topic of a number of recent research reports. Weiss Ratings downgraded Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Wall Street Zen upgraded Globalstar to a “sell” rating in a research report on Saturday, August 8th. Finally, Craig Hallum lowered Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research note on Tuesday, August 18th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $75.67.

Globalstar Stock Up 1.4%

The firm has a market cap of $11.00 billion, a price-to-earnings ratio of -166.43 and a beta of 1.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The business’s 50-day moving average is $82.66 and its 200-day moving average is $76.00.

Globalstar (NASDAQ:GSAT) last announced 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). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities analysts predict that Globalstar, Inc. will post -0.62 EPS for the current year.

Insider Buying and Selling

In other news, CFO Rebecca Clary sold 24,100 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $82.17, for a total value of $1,980,297.00. Following the transaction, the chief financial officer directly owned 96,540 shares of the company’s stock, valued at $7,932,691.80. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Lynch sold 361,600 shares of the stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $82.52, for a total value of $29,839,232.00. Following the sale, the director owned 351,114 shares in the company, valued at approximately $28,973,927.28. This trade represents a 50.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 685,864 shares of company stock valued at $56,598,086 in the last ninety days. 60.00% of the stock is owned by corporate insiders.

Institutional Trading of Globalstar

Several large investors have recently made changes to their positions in the business. StoneX Group Inc. acquired a new position in shares of Globalstar during the third quarter valued at $318,000. Parallel Advisors LLC raised its stake in shares of Globalstar by 114.1% during the third quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after buying an additional 275 shares during the last quarter. CenterBook Partners LP bought a new stake in shares of Globalstar during the third quarter worth approximately $335,000. Inspire Investing LLC lifted its holdings in Globalstar by 650.8% in the third quarter. Inspire Investing LLC now owns 13,012 shares of the company’s stock valued at $1,079,000 after buying an additional 11,279 shares during the period. Finally, SBI Securities Co. Ltd. lifted its stake in shares of Globalstar by 257.5% in the 3rd quarter. SBI Securities Co. Ltd. now owns 2,585 shares of the company’s stock valued at $214,000 after purchasing an additional 1,862 shares during the period. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.