Craig Hallum Forecasts Strong Price Appreciation for Globalstar (NYSE:GSAT) Stock

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

Globalstar Price Performance

Shares of NYSE GSAT opened at $1.85 on Monday. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -61.67 and a beta of 0.88. Globalstar has a 12 month low of $1.00 and a 12 month high of $2.13. The firm’s 50 day simple moving average is $1.25 and its 200-day simple moving average is $1.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

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

Insider Activity at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the sale, the chief financial officer now directly owns 1,418,745 shares in the company, 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. 61.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GSAT. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Globalstar by 15.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 811,758 shares of the company’s stock worth $1,193,000 after acquiring an additional 106,663 shares during the period. BNP Paribas Financial Markets raised its holdings in Globalstar by 13.1% in the 1st quarter. BNP Paribas Financial Markets now owns 586,606 shares of the company’s stock valued at $862,000 after buying an additional 67,800 shares during the period. Empowered Funds LLC purchased a new stake in Globalstar in the 1st quarter valued at about $26,000. SG Americas Securities LLC raised its holdings in Globalstar by 126.2% in the 1st quarter. SG Americas Securities LLC now owns 46,890 shares of the company’s stock valued at $69,000 after buying an additional 26,164 shares during the period. Finally, Swiss National Bank raised its holdings in Globalstar by 3.6% in the 1st quarter. Swiss National Bank now owns 1,500,554 shares of the company’s stock valued at $2,206,000 after buying an additional 51,700 shares during the period. Hedge funds and other institutional investors 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.