Globalstar (NYSE:GSAT) Given New $5.00 Price Target at Craig Hallum

Globalstar (NYSE:GSAT) had its price target raised by Craig Hallum from $4.00 to $5.00 in a report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Globalstar Stock Up 25.7 %

NYSE:GSAT traded up $0.36 during mid-day trading on Monday, hitting $1.74. 85,043,505 shares of the company traded hands, compared to its average volume of 5,352,076. The company has a fifty day moving average of $1.16. Globalstar has a one year low of $1.00 and a one year high of $2.13. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -59.00 and a beta of 0.88.

Globalstar (NYSE:GSAT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. The business had revenue of $60.39 million during the quarter, compared to analyst estimates of $57.49 million. Equities analysts predict that Globalstar will post -0.02 EPS for the current year.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the company’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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Rebecca Clary sold 75,000 shares of the company’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 completion of the transaction, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Timothy Evan Taylor sold 395,000 shares of the company’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 completion of the transaction, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of hedge funds have recently made changes to their positions in GSAT. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Globalstar by 15.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 811,758 shares of the company’s stock worth $1,193,000 after buying an additional 106,663 shares in the last quarter. BNP Paribas Financial Markets raised its position in Globalstar by 13.1% during the first quarter. BNP Paribas Financial Markets now owns 586,606 shares of the company’s stock valued at $862,000 after purchasing an additional 67,800 shares during the period. Empowered Funds LLC purchased a new stake in Globalstar during the first quarter valued at approximately $26,000. SG Americas Securities LLC raised its position in Globalstar by 126.2% during the first quarter. SG Americas Securities LLC now owns 46,890 shares of the company’s stock valued at $69,000 after purchasing an additional 26,164 shares during the period. Finally, Swiss National Bank raised its position in Globalstar by 3.6% during the first quarter. Swiss National Bank now owns 1,500,554 shares of the company’s stock valued at $2,206,000 after purchasing an additional 51,700 shares during the period. 18.89% of the stock is currently 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.