Craig Hallum Issues Positive Forecast for Globalstar (NYSE:GSAT) Stock Price

Globalstar (NYSE:GSAT - Free Report) had its price target lifted by Craig Hallum from $4.00 to $5.00 in a report published on Monday, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Globalstar Stock Performance

GSAT stock traded up $0.44 during trading on Monday, hitting $1.82. 119,228,703 shares of the company traded hands, compared to its average volume of 5,536,146. The stock's 50-day simple moving average is $1.17 and its 200 day simple moving average is $1.21. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The company has a market cap of $3.46 billion, a PE ratio of -60.67 and a beta of 0.88. Globalstar has a 1 year low of $1.00 and a 1 year high of $2.13.

Globalstar (NYSE:GSAT - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, meeting analysts' consensus estimates of ($0.01). The business had revenue of $60.39 million during the quarter, compared to analysts' expectations 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 expect that Globalstar will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Timothy Evan Taylor sold 395,000 shares of the company's stock in a transaction 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 transaction, the vice president now owns 10,278,649 shares of the company's stock, valued at $12,539,951.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the company's stock in a transaction 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 completion of the transaction, 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. Company insiders own 61.00% of the company's stock.

Hedge Funds Weigh In On Globalstar

Large investors have recently modified their holdings of the business. CIBC Asset Management Inc raised its holdings in shares of Globalstar by 154.9% in the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company's stock valued at $60,000 after buying an additional 32,535 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Globalstar by 12.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company's stock valued at $3,126,000 after buying an additional 307,357 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Globalstar by 8.6% in the 1st 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 period. Inspire Investing LLC raised its holdings in shares of Globalstar by 28.2% in 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 during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Globalstar by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company's stock valued at $107,654,000 after buying an additional 1,494,552 shares during the period. 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.