Nordea Investment Management AB Makes New $3.04 Million Investment in Globalstar, Inc. $GSAT

Nordea Investment Management AB purchased a new position in Globalstar, Inc. (NASDAQ:GSAT) in the second quarter, HoldingsChannel.com reports. The firm purchased 129,282 shares of the company’s stock, valued at approximately $3,037,000.

Separately, Magnus Financial Group LLC boosted its holdings in Globalstar by 1.7% in the 2nd quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock worth $4,610,000 after acquiring an additional 3,333 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Trading Up 1.1%

Globalstar stock opened at $44.96 on Wednesday. The stock has a market cap of $5.70 billion, a PE ratio of -99.91 and a beta of 0.99. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.72 and a current ratio of 2.81. The firm’s 50 day simple moving average is $34.84. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $47.44.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, August 7th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.22. The company had revenue of $67.15 million during the quarter. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%. Globalstar has set its FY 2025 guidance at EPS.

Wall Street Analysts Forecast Growth

GSAT has been the subject of a number of analyst reports. Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Insider Activity at Globalstar

In related news, CEO Paul E. Jacobs sold 53,479 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $34.95, for a total transaction of $1,869,091.05. Following the sale, the chief executive officer directly owned 58,895 shares of the company’s stock, valued at approximately $2,058,380.25. This represents a 47.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 4,333 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $44.43, for a total value of $192,515.19. Following the sale, the chief financial officer directly owned 110,852 shares in the company, valued at approximately $4,925,154.36. This represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,938 shares of company stock valued at $3,950,670. Corporate insiders own 60.76% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.