Globalstar, Inc. $GSAT Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 3.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,156 shares of the company’s stock after selling 1,071 shares during the quarter. Intech Investment Management LLC’s holdings in Globalstar were worth $663,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Acadian Asset Management LLC purchased a new position in shares of Globalstar in the 1st quarter valued at about $99,000. Magnus Financial Group LLC raised its holdings in Globalstar by 1.7% in the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock valued at $4,610,000 after acquiring an additional 3,333 shares in the last quarter. Nordea Investment Management AB purchased a new position in Globalstar in the second quarter worth approximately $3,037,000. Y Intercept Hong Kong Ltd purchased a new position in Globalstar in the second quarter worth approximately $343,000. Finally, Palogic Value Management L.P. acquired a new position in Globalstar during the 2nd quarter worth approximately $1,178,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Buying and Selling at Globalstar

In other news, VP Timothy Evan Taylor sold 26,334 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $30.57, for a total value of $805,030.38. Following the completion of the sale, the vice president directly owned 320,244 shares of the company’s stock, valued at approximately $9,789,859.08. This represents a 7.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul E. Jacobs sold 53,479 shares of the stock in a transaction dated 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 owned 58,895 shares of the company’s stock, valued at $2,058,380.25. This trade represents a 47.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 149,916 shares of company stock valued at $5,773,194. Company insiders own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GSAT. Zacks Research downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Globalstar in a report on Wednesday. Finally, B. Riley increased their price objective on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Globalstar has a consensus rating of “Hold” and a consensus target price of $75.00.

Globalstar Stock Up 0.2%

NASDAQ:GSAT opened at $61.04 on Friday. The stock has a market cap of $7.74 billion, a P/E ratio of -135.64 and a beta of 1.00. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $65.52. The stock’s 50 day moving average price is $47.85. The company has a quick ratio of 2.72, a current ratio of 2.81 and a debt-to-equity ratio of 1.30.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The business had revenue of $73.85 million during the quarter. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%.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.

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.