Globalstar (NASDAQ:GSAT) Raised to Sell at Wall Street Zen

Globalstar (NASDAQ:GSAT) was upgraded by research analysts at Wall Street Zen to a “sell” rating in a report released on Saturday.

A number of other equities analysts have also commented on GSAT. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Performance

Shares of GSAT stock opened at $83.40 on Friday. The firm’s 50 day moving average is $80.74 and its 200 day moving average is $73.34. The stock has a market capitalization of $10.81 billion, a P/E ratio of -163.53 and a beta of 1.58. Globalstar has a 12 month low of $24.37 and a 12 month high of $84.85. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $64.77 million during the quarter. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Globalstar will post -0.38 earnings per share for the current year.

Insider Activity

In related news, CFO Rebecca Clary sold 920 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the sale, the chief financial officer owned 120,278 shares in the company, valued at approximately $9,832,726.50. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new stake in shares of Globalstar in the 2nd quarter valued at about $13,233,000. Handelsbanken Fonder AB grew its holdings in shares of Globalstar by 13.9% during the second quarter. Handelsbanken Fonder AB now owns 16,400 shares of the company’s stock worth $1,333,000 after purchasing an additional 2,000 shares in the last quarter. Optiver Holding B.V. purchased a new position in shares of Globalstar during the first quarter worth about $32,000. Edgestream Partners L.P. increased its position in shares of Globalstar by 64.2% in the first quarter. Edgestream Partners L.P. now owns 23,329 shares of the company’s stock worth $1,550,000 after purchasing an additional 9,118 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Globalstar by 11.6% in the first quarter. Janus Henderson Group PLC now owns 22,702 shares of the company’s stock worth $1,507,000 after purchasing an additional 2,367 shares during the last quarter. 18.89% of the stock is currently owned by 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.