Renaissance Technologies LLC purchased a new position in shares of Globalstar, Inc. (NASDAQ:GSAT – Free Report) during the first quarter, Holdings Channel.com reports. The institutional investor purchased 22,600 shares of the company’s stock, valued at approximately $1,501,000.
A number of other large investors have also recently bought and sold shares of GSAT. Inceptionr LLC acquired a new position in Globalstar in the first quarter worth $394,000. Sei Investments Co. lifted its position in Globalstar by 46.5% during the 1st quarter. Sei Investments Co. now owns 47,599 shares of the company’s stock worth $3,162,000 after buying an additional 15,101 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Globalstar by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after acquiring an additional 144 shares during the last quarter. Meeder Asset Management Inc. increased its position in Globalstar by 169.0% in the 1st quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company’s stock valued at $80,000 after acquiring an additional 752 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Globalstar by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock worth $15,363,000 after purchasing an additional 16,009 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on GSAT shares. Wall Street Zen raised shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Globalstar has an average rating of “Hold” and an average price target of $69.00.
Globalstar Price Performance
GSAT opened at $83.22 on Thursday. The company has a fifty day moving average price of $80.82 and a two-hundred day moving average price of $73.80. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. Globalstar, Inc. has a 52 week low of $24.37 and a 52 week high of $84.85. The firm has a market capitalization of $10.78 billion, a PE ratio of -163.18 and a beta of 1.58.
Globalstar (NASDAQ:GSAT – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million during the quarter. The business’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, analysts anticipate that Globalstar, Inc. will post -0.38 earnings per share for the current year.
Globalstar News Summary
Here are the key news stories impacting Globalstar this week:
- Positive Sentiment: Institutional investors have continued building positions. Bank of New York Mellon acquired approximately $13.2 million of Globalstar shares in the second quarter, while Handelsbanken Fonder, Edgestream Partners and Janus Henderson also increased their holdings. Institutions own about 18.9% of the company.
- Neutral Sentiment: Reported short interest was zero shares as of August 11, indicating that short sellers are not a meaningful source of current trading pressure. However, the data also provides little indication of potential short-covering support.
- Negative Sentiment: Director Benjamin G. Wolff sold 32,711 shares for approximately $2.72 million on August 12 and another 24,000 shares for about $2.00 million on August 11, reducing his position by roughly 88.8% and 39.5%, respectively. General Counsel L. Barbee IV Ponder also sold 4,720 shares for $394,214 on August 11, following a 12,045-share sale worth approximately $1.00 million on August 7. The transactions could weigh on sentiment because they occurred while GSAT was trading near its 52-week high. Globalstar insider sale SEC filing
- Negative Sentiment: Globalstar’s latest quarterly results remain a fundamental concern: the company reported a $0.23 per-share loss versus the $0.09 consensus loss, revenue declined 3.5% year over year to $64.77 million, and analysts expect a full-year loss of $0.38 per share. The consensus analyst rating is “Hold,” with a $69 price target—well below the stock’s recent level—while Wall Street Zen recently assigned a “Sell” rating.
Insiders Place Their Bets
In other news, General Counsel L Barbee Iv Ponder sold 12,045 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $83.21, for a total transaction of $1,002,264.45. Following the completion of the transaction, the general counsel directly owned 131,303 shares in the company, valued at approximately $10,925,722.63. The trade was a 8.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Benjamin G. Wolff sold 32,711 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $83.19, for a total transaction of $2,721,228.09. Following the completion of the sale, the director owned 4,116 shares in the company, valued at $342,410.04. This represents a 88.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 74,396 shares of company stock worth $6,197,877. Insiders own 60.00% of the company’s stock.
About Globalstar
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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