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

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

Globalstar Price Performance

NYSE:GSAT traded up $0.36 during trading hours on Monday, reaching $1.74. 85,043,505 shares of the stock were exchanged, compared to its average volume of 5,352,076. The stock has a market capitalization of $3.30 billion, a PE ratio of -59.00 and a beta of 0.88. 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 has a twelve month low of $1.00 and a twelve month high of $2.13. The company’s 50 day simple moving average is $1.16.

Globalstar (NYSE:GSAT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The company 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%. Equities research analysts anticipate that Globalstar will post -0.02 earnings per share for the current year.

Insider Activity

In other news, VP Timothy Evan Taylor sold 395,000 shares of the 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 owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Timothy Evan Taylor sold 395,000 shares of the 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 sale, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of the 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 sale, the chief financial officer now 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 currently owned by insiders.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently added to or reduced their stakes in GSAT. Empowered Funds LLC bought a new position in Globalstar during the 1st quarter worth $26,000. PFG Investments LLC increased its position in Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after buying an additional 10,000 shares during the period. CWA Asset Management Group LLC bought a new position in Globalstar during the 3rd quarter worth $27,000. Second Line Capital LLC bought a new position in Globalstar during the 1st quarter worth $34,000. Finally, XTX Topco Ltd bought a new position in Globalstar during the 2nd quarter worth $31,000. 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.