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

Globalstar (NYSE:GSAT) had its price target increased by stock analysts 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 185.71% from the stock’s previous close.

Globalstar Stock Down 3.8 %

GSAT stock opened at $1.75 on Monday. The business’s 50-day moving average price is $1.20 and its 200-day moving average price is $1.22. The stock has a market cap of $3.33 billion, a P/E ratio of -58.33 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. Globalstar has a twelve month low of $1.00 and a twelve month high of $2.13.

Globalstar (NYSE:GSAT) last issued its quarterly earnings results 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 the consensus estimate of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. On average, equities research analysts forecast that Globalstar will post -0.02 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Globalstar

Several institutional investors have recently bought and sold shares of the stock. CIBC Asset Management Inc boosted its holdings in shares of Globalstar by 154.9% during the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after purchasing an additional 32,535 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Globalstar by 12.4% in the second 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Globalstar by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after buying an additional 55,368 shares during the last quarter. Inspire Investing LLC grew its holdings in Globalstar by 28.2% during the 2nd quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock valued at $357,000 after buying an additional 70,179 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Globalstar by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after acquiring 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.