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

Shares of Globalstar, Inc. (NASDAQ:GSAT) have earned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $75.67.

A number of analysts have recently commented on the company. Weiss Ratings lowered 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 research report on Thursday, October 15th. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 18th. Finally, Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th.

Insider Buying and Selling

In other news, Director Benjamin Wolff sold 19,998 shares of the business’s stock in a transaction on 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 sale, the director owned 4,116 shares of the company’s stock, valued at $337,429.68. The trade was a 82.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Lynch sold 361,600 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $82.52, for a total transaction of $29,839,232.00. Following the transaction, the director owned 351,114 shares of the company’s stock, valued at $28,973,927.28. The trade was a 50.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 685,864 shares of company stock valued at $56,598,086 over the last ninety days. Insiders own 60.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. Senvest Management LLC raised its position in Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after acquiring an additional 188,325 shares in the last quarter. Sculptor Capital LP acquired a new stake in Globalstar in the first quarter valued at $15,742,000. Dimensional Fund Advisors LP lifted its stake in Globalstar by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock valued at $15,363,000 after acquiring an additional 16,009 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Globalstar in the 2nd quarter valued at about $13,233,000. Finally, California State Teachers Retirement System grew its position in shares of Globalstar by 23.9% in the 1st quarter. California State Teachers Retirement System now owns 59,572 shares of the company’s stock valued at $3,957,000 after acquiring an additional 11,488 shares during the period. 18.89% of the stock is owned by institutional investors.

Globalstar Stock Up 1.1%

Shares of NASDAQ:GSAT opened at $83.26 on Tuesday. Globalstar has a 12 month low of $40.50 and a 12 month high of $84.85. 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 company’s fifty day simple moving average is $82.53 and its 200 day simple moving average is $81.23.

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

About Globalstar

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.