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

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

Globalstar Stock Down 0.5 %

NYSE:GSAT opened at $1.85 on Monday. Globalstar has a twelve month low of $1.00 and a twelve month high of $2.13. The company has a market cap of $3.52 billion, a price-to-earnings ratio of -61.67 and a beta of 0.88. The stock has a fifty day simple moving average of $1.25 and a 200-day simple moving average of $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 (NYSE:GSAT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $60.39 million during the quarter, compared to the consensus estimate of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. Analysts anticipate that Globalstar will post -0.02 EPS for the current year.

Insider Activity 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 shares were sold at an average price of $1.22, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the transaction, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

Institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc raised its position in Globalstar by 154.9% during the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after buying an additional 32,535 shares during the last quarter. Bank of New York Mellon Corp raised its position in Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after buying an additional 307,357 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Globalstar by 8.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock worth $1,026,000 after buying an additional 55,368 shares during the last quarter. Inspire Investing LLC raised its position in Globalstar by 28.2% during the 2nd quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock worth $357,000 after buying an additional 70,179 shares during the last quarter. Finally, Vanguard Group Inc. raised 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 worth $107,654,000 after buying an additional 1,494,552 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.