Globalstar (NASDAQ:GSAT) Reaches New 1-Year High – Still a Buy?
by Michael Walen · The Markets DailyShares of Globalstar, Inc. (NASDAQ:GSAT – Get Free Report) reached a new 52-week high on Thursday. The stock traded as high as $86.97 and last traded at $86.6990, with a volume of 622,410 shares traded. The stock had previously closed at $86.04.
Analyst Ratings Changes
Several research firms have issued reports on GSAT. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Wall Street Zen raised Globalstar from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Weiss Ratings lowered Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Finally, Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a report on Tuesday, August 18th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $76.00.
Check Out Our Latest Analysis on Globalstar
Globalstar Price Performance
The company’s fifty day moving average is $83.06 and its two-hundred day moving average is $76.68. The firm has a market capitalization of $11.24 billion, a price-to-earnings ratio of -135.52 and a beta of 1.52. The company has a quick ratio of 1.54, a current ratio of 1.59 and a debt-to-equity ratio of 1.06.
Globalstar (NASDAQ:GSAT – Get Free Report) last released its earnings results on Thursday, November 5th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The business had revenue of $70.90 million for the quarter. Globalstar had a negative return on equity of 23.10% and a negative net margin of 28.53%. Equities research analysts anticipate that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.
Insider Transactions at Globalstar
In other Globalstar news, Director James Lynch sold 361,600 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $28,973,927.28. This trade represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Benjamin Wolff sold 19,998 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the transaction, the director owned 4,116 shares in the company, valued at approximately $337,429.68. This trade represents a 82.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 537,388 shares of company stock valued at $44,239,169. Corporate insiders own 60.00% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of GSAT. Focus Advisor Solutions LLC bought a new stake in Globalstar in the third quarter valued at approximately $248,000. HighTower Advisors LLC grew its holdings in shares of Globalstar by 1.3% in the 3rd quarter. HighTower Advisors LLC now owns 17,592 shares of the company’s stock valued at $1,458,000 after buying an additional 231 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Globalstar by 6.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 14,816 shares of the company’s stock valued at $1,228,000 after buying an additional 841 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of Globalstar in the 3rd quarter valued at $27,000. Finally, Fifth Third Bancorp bought a new stake in shares of Globalstar in the 3rd quarter valued at $29,000. Institutional investors own 18.89% of the company’s stock.
About Globalstar
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.