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Investing.com - Clear Street initiated coverage of Globalstar (NASDAQ:GSAT) with a Buy rating and a $66.00 price target on Wednesday. The stock has demonstrated remarkable momentum, delivering a 142% return over the past year and trading near $43, according to InvestingPro data.
The research firm views Globalstar as a "compelling hybrid investment" that combines a de-risked satellite business with valuable terrestrial wireless spectrum assets. Clear Street notes that Apple’s funding has significantly strengthened Globalstar’s satellite operations. With a market capitalization of $5.5 billion and a solid financial health score, InvestingPro analysis shows the company maintains a comfortable liquidity position with a current ratio of 2.8.
The satellite Internet of Things (IoT) market represents a substantial growth opportunity, with Clear Street projecting the total addressable market to reach approximately $4.9 billion by 2030. Additionally, terrestrial private networks offer Globalstar an estimated $5.2 billion addressable market by the same year.
Globalstar completed both an uplisting and reverse stock split in 2024, corporate actions that Clear Street believes have positioned the company to attract a wider investor base.
The firm expects Globalstar’s "unique dual connectivity prospect" to gain increased attention from investors as the company leverages both its satellite capabilities and spectrum holdings.
In other recent news, Globalstar Inc. reported its second-quarter earnings for 2025, showing a notable increase in revenue alongside strategic advancements in product development and market expansion. The company has also secured multiple government contracts expected to generate at least $60 million in revenue over the next five years. Additionally, Globalstar has begun expanding its ground station in Estonia, investing approximately $9 million to double the size of the facility, which will support its third-generation C-3 mobile satellite system across Northern Europe.
In Singapore, Globalstar is also expanding its ground station by adding two 6-meter tracking antennas, enhancing its service offerings throughout Southeast Asia. The company has entered into a strategic collaboration with Conekt.ai to deliver integrated connectivity solutions, combining Globalstar’s Band 53 spectrum with XCOM RAN private network technology. This partnership aims to provide enterprise customers with turnkey connectivity solutions for IoT deployments, private networks, and hybrid architectures. These recent developments reflect Globalstar’s ongoing efforts to strengthen its infrastructure and expand its market reach.
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