Globalstar (NASDAQ:GSAT) Sets New 52-Week High – Still a Buy?

Globalstar, Inc. (NASDAQ:GSAT) shares reached a new 52-week high on Thursday . The stock traded as high as $83.00 and last traded at $82.9150, with a volume of 404746 shares. The stock had previously closed at $82.45.

Wall Street Analyst Weigh In

GSAT has been the subject of several recent analyst reports. Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings upgraded shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $69.00.

Globalstar Price Performance

The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of -551.40 and a beta of 1.56. The business’s fifty day simple moving average is $73.49 and its 200 day simple moving average is $65.49.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The company had revenue of $70.06 million during the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The firm’s revenue was up 16.7% compared to the same quarter last year. On average, research analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the transaction, the general counsel directly owned 143,348 shares in the company, valued at $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the transaction, the chief executive officer owned 67,032 shares of the company’s stock, valued at $3,992,425.92. This represents a 1.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 12,257 shares of company stock worth $890,722. 60.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GSAT. Acadian Asset Management LLC acquired a new position in shares of Globalstar during the first quarter valued at about $99,000. Invesco Ltd. grew its holdings in shares of Globalstar by 13.8% during the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after buying an additional 3,462 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Globalstar by 80.9% during the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after buying an additional 2,331 shares during the last quarter. Corient Private Wealth LLC grew its holdings in shares of Globalstar by 28.4% during the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after buying an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC grew its holdings in shares of Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after buying an additional 580 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.