BlueCrest Capital Management Ltd bought a new stake in Globalstar, Inc. (NASDAQ:GSAT – Free Report) in the second quarter, HoldingsChannel reports. The firm bought 12,000 shares of the company’s stock, valued at approximately $975,000.
Other hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC lifted 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 valued at $241,000 after buying an additional 160 shares during the period. TD Waterhouse Canada Inc. boosted its holdings in shares of Globalstar by 3.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company’s stock valued at $652,000 after buying an additional 234 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Globalstar by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 14,193 shares of the company’s stock valued at $1,154,000 after buying an additional 258 shares in the last quarter. Finally, Clearstead Trust LLC grew its position in shares of Globalstar by 20.7% in the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after buying an additional 366 shares during the period. 18.89% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Globalstar in a research note on Wednesday, September 2nd. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. Craig Hallum downgraded Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a report on Tuesday, August 18th. Finally, Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Globalstar has a consensus rating of “Hold” and a consensus target price of $75.67.
Globalstar Trading Down 0.7%
Shares of NASDAQ:GSAT opened at $81.68 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. Globalstar, Inc. has a 1 year low of $29.36 and a 1 year high of $84.85. The company has a market cap of $10.58 billion, a P/E ratio of -160.16 and a beta of 1.51. The stock’s fifty day moving average price is $81.37 and its 200-day moving average price is $76.86.
Globalstar (NASDAQ:GSAT – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business had revenue of $64.77 million during the quarter. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. Sell-side analysts expect that Globalstar, Inc. will post -0.62 earnings per share for the current year.
Insider Activity
In related news, General Counsel L. Ponder, IV sold 4,720 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $83.52, for a total transaction of $394,214.40. Following the transaction, the general counsel owned 126,583 shares in the company, valued at $10,572,212.16. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Taylor sold 75,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total transaction of $6,236,250.00. Following the transaction, the vice president owned 245,244 shares in the company, valued at approximately $20,392,038.60. This trade represents a 23.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 322,572 shares of company stock worth $26,618,486. 60.00% of the stock is owned by corporate insiders.
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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