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

Globalstar, Inc. (NASDAQ:GSAT)’s stock price reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $86.97 and last traded at $86.6990, with a volume of 622,410 shares changing hands. The stock had previously closed at $86.04.

Analysts Set New Price Targets

GSAT has been the subject of several recent analyst reports. Wall Street Zen upgraded Globalstar from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. 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 price objective on the stock. in a report on Tuesday, August 18th. Finally, Weiss Ratings lowered Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research report on Tuesday, September 22nd. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $76.00.

Globalstar Price Performance

The company has a debt-to-equity ratio of 1.06, a current ratio of 1.59 and a quick ratio of 1.54. The company’s 50-day moving average price is $83.06 and its 200-day moving average price is $76.68. The company has a market cap of $11.24 billion, a P/E ratio of -135.52 and a beta of 1.52.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $70.90 million during the quarter. Globalstar had a negative net margin of 28.53% and a negative return on equity of 23.10%. As a group, sell-side analysts predict that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Transactions at Globalstar

In other news, General Counsel L. Ponder, IV sold 1,692 shares of the company’s 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 completion of the transaction, the general counsel directly owned 128,891 shares of the company’s stock, valued at $10,692,797.36. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director James Monroe, III acquired 361,600 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were purchased at an average price of $82.52 per share, with a total value of $29,839,232.00. Following the completion of the acquisition, the director owned 408,253 shares of the company’s stock, valued at $33,689,037.56. This represents a 775.08% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 537,388 shares of company stock worth $44,239,169. 60.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently bought and sold shares of the company. Senvest Management LLC lifted its stake in Globalstar by 27.7% in the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after acquiring an additional 188,325 shares in the last quarter. Sculptor Capital LP acquired a new stake in shares of Globalstar in the first quarter valued at approximately $15,742,000. Dimensional Fund Advisors LP raised its holdings in shares of 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 purchasing an additional 16,009 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Globalstar in the second quarter worth $13,233,000. Finally, New York Life Investment Management LLC lifted its position in shares of Globalstar by 5.5% in the third quarter. New York Life Investment Management LLC now owns 81,553 shares of the company’s stock worth $6,760,000 after purchasing an additional 4,235 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.