Bullish Prospects For Globalstar Inc (AMEX: GSAT) Shares In 2024

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Globalstar Inc (AMEX:GSAT) price on Wednesday, December 04, fall -0.48% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $2.09.

A look at the stock’s price movement, the close in the last trading session was $2.10, moving within a range at $2.07 and $2.29. The beta value (5-Year monthly) was 0.886. Turning to its 52-week performance, $2.22 and $1.00 were the 52-week high and 52-week low respectively. Overall, GSAT moved 14.84% over the past month.

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Globalstar Inc’s market cap currently stands at around $3.96 billion, with investors looking forward to this quarter’s earnings report slated for in January.

Analysts have a consensus estimate of 60.24M for the company’s revenue for the quarter, with a low and high estimate of 59.3M and 61.18M respectively. The average forecast suggests up to a 14.94% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 249.41M, representing a 11.44% jump on that reported in the last financial year.

Turning to the stock’s technical picture we see that short term indicators suggest on average that GSAT is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.

2 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 2 recommend GSAT as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

GSAT’s current price about 11.70% and 41.91% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 68.84, while 7-day volatility ratio is 9.69% and 9.72% in the 30-day chart. Further, Globalstar Inc (GSAT) has a beta value of 1.08, and an average true range (ATR) of 0.16.

If we refocus on Globalstar Inc (AMEX:GSAT), historical trading data shows that trading volumes averaged 11.83 over the past 10 days and 15.00 million over the past 3 months. The company’s latest data on shares outstanding shows there are 1.89 billion shares.

The 60.41% of Globalstar Inc’s shares are in the hands of company insiders while institutional holders own 20.26% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 28.72 million on 2024-11-15, giving us a short ratio of 0.98. The data shows that as of 2024-11-15 short interest in Globalstar Inc (GSAT) stood at 380.0 of shares outstanding, with shares short rising to 25.38 million registered in 2024-10-15. Current price change has pushed the stock 7.73% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the GSAT stock continues to rise going into the next quarter.

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