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

Globalstar (NYSE:GSAT) had its target price raised by equities researchers at Craig Hallum from $4.00 to $5.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s target price suggests a potential upside of 188.18% from the company’s current price.

Globalstar Price Performance

NYSE:GSAT traded up $0.36 during trading hours on Monday, hitting $1.74. The company’s stock had a trading volume of 85,043,505 shares, compared to its average volume of 5,352,076. The stock has a fifty day simple moving average of $1.16. The stock has a market capitalization of $3.30 billion, a P/E ratio of -59.00 and a beta of 0.88. 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 has a twelve month low of $1.00 and a twelve month high of $2.13.

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 business had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. On average, equities analysts predict that Globalstar will post -0.02 EPS for the current fiscal year.

Insider Activity at Globalstar

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 value of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction dated 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 of the company’s stock, valued at approximately $1,773,431.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of Globalstar 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 $12,539,951.78. 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 insiders.

Institutional Trading of Globalstar

Hedge funds have recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Globalstar during the first quarter valued at about $26,000. PFG Investments LLC lifted its stake in shares of Globalstar by 83.3% in the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after acquiring an additional 10,000 shares during the period. CWA Asset Management Group LLC acquired a new position in shares of Globalstar in the third quarter worth approximately $27,000. Second Line Capital LLC acquired a new position in shares of Globalstar in the first quarter worth approximately $34,000. Finally, XTX Topco Ltd acquired a new position in shares of Globalstar in the second quarter worth approximately $31,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Company Profile

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.