Y Intercept Hong Kong Ltd Invests $343,000 in Globalstar, Inc. $GSAT

Y Intercept Hong Kong Ltd acquired a new position in Globalstar, Inc. (NASDAQ:GSAT) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 14,581 shares of the company’s stock, valued at approximately $343,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Nordea Investment Management AB acquired a new position in Globalstar during the 2nd quarter worth $3,037,000. Magnus Financial Group LLC increased its holdings in shares of Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock valued at $4,610,000 after purchasing an additional 3,333 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in shares of Globalstar during the first quarter valued at about $99,000. Institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GSAT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Wednesday, October 8th. Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Globalstar presently has a consensus rating of “Reduce”.

Globalstar Stock Up 4.6%

NASDAQ:GSAT opened at $50.48 on Friday. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. The business’s 50-day moving average price is $40.00. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $55.78. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of -112.18 and a beta of 1.00.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $73.85 million during the quarter. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. Globalstar’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. Globalstar has set its FY 2025 guidance at EPS.

Insider Activity at Globalstar

In other news, VP Timothy Evan Taylor sold 26,334 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $805,030.38. Following the completion of the sale, the vice president owned 320,244 shares in the company, valued at approximately $9,789,859.08. This represents a 7.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 4,572 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $48.31, for a total value of $220,873.32. Following the sale, the chief financial officer directly owned 115,804 shares of the company’s stock, valued at approximately $5,594,491.24. This represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 122,510 shares of company stock valued at $4,171,544 over the last ninety days. Insiders own 61.00% of the company’s stock.

Globalstar 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.