Globalstar (NYSE:GSAT) Price Target Raised to $5.00

Globalstar (NYSE:GSAT) had its price objective upped by Craig Hallum from $4.00 to $5.00 in a report released on Monday morning,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Globalstar Stock Down 0.5 %

Shares of NYSE:GSAT opened at $1.85 on Monday. The stock’s 50-day moving average price is $1.25 and its two-hundred day moving average price is $1.24. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. Globalstar has a 12-month low of $1.00 and a 12-month high of $2.13. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of -61.67 and a beta of 0.88.

Globalstar (NYSE:GSAT) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. The firm had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. On average, research analysts forecast that Globalstar will post -0.02 EPS for the current year.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now directly owns 10,278,649 shares in the company, valued at $12,539,951.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Rebecca Clary sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total value of $93,750.00. Following the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of hedge funds have recently bought and sold shares of GSAT. Ashford Capital Management Inc. grew its position in shares of Globalstar by 1,551.7% in the 1st quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock worth $10,331,000 after acquiring an additional 6,602,454 shares in the last quarter. Anson Funds Management LP boosted its position in Globalstar by 38.8% during the 1st quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock valued at $15,928,000 after purchasing an additional 3,028,923 shares during the period. Vanguard Group Inc. boosted its position in Globalstar by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after purchasing an additional 1,494,552 shares during the period. Wolf Hill Capital Management LP boosted its position in Globalstar by 57.3% during the 1st quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock valued at $5,153,000 after purchasing an additional 1,276,866 shares during the period. Finally, Murchinson Ltd. acquired a new position in Globalstar during the 1st quarter valued at approximately $1,470,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.