Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT – Free Report) by 89.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,564 shares of the company’s stock after selling 22,284 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Globalstar were worth $170,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in Globalstar by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock valued at $1,733,000 after buying an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC increased its position in Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after buying an additional 160 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Globalstar by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after acquiring an additional 248 shares during the last quarter. Clearstead Trust LLC raised its holdings in shares of Globalstar by 20.7% in the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after acquiring an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Globalstar in the fourth quarter valued at $26,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, CFO Rebecca Clary sold 920 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00. Following the transaction, the chief financial officer directly owned 120,278 shares in the company, valued at approximately $9,832,726.50. This represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 60.00% of the company’s stock.
Globalstar Stock Performance
Globalstar (NASDAQ:GSAT – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The business had revenue of $70.06 million for the quarter. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. As a group, analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current year.
Wall Street Analyst Weigh In
GSAT has been the topic of a number of analyst reports. Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Globalstar has a consensus rating of “Hold” and an average price target of $69.00.
Get Our Latest Stock Report on Globalstar
Globalstar Profile
Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.
Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.
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