SG Americas Securities LLC Acquires New Shares in Globalstar, Inc. $GSAT

SG Americas Securities LLC acquired a new position in shares of Globalstar, Inc. (NASDAQ:GSAT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,589 shares of the company’s stock, valued at approximately $713,000.

Other hedge funds have also added to or reduced their stakes in the company. Greenhouse Funds LLLP lifted its holdings in shares of Globalstar by 11.6% in the second quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock worth $47,701,000 after buying an additional 209,825 shares in the last quarter. Senvest Management LLC increased its holdings in Globalstar by 51.6% during the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after acquiring an additional 452,624 shares during the period. Geode Capital Management LLC lifted its stake in Globalstar by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock worth $30,019,000 after purchasing an additional 20,514 shares in the last quarter. American Century Companies Inc. boosted its holdings in Globalstar by 39.5% in the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after purchasing an additional 287,163 shares during the period. Finally, Broad Bay Capital Management LP bought a new position in Globalstar in the 2nd quarter valued at $18,405,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

Shares of Globalstar stock opened at $60.81 on Thursday. The firm has a market capitalization of $7.71 billion, a PE ratio of -132.20 and a beta of 1.10. The company has a current ratio of 2.53, a quick ratio of 2.46 and a debt-to-equity ratio of 1.33. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $74.88. The business’s 50-day moving average price is $62.88 and its 200-day moving average price is $44.64.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping 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 3.67% and a negative net margin of 21.07%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 EPS.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 16,316 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $58.32, for a total value of $951,549.12. Following the completion of the sale, the chief financial officer directly owned 98,374 shares of the company’s stock, valued at $5,737,171.68. The trade was a 14.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel L Barbee Iv Ponder sold 9,790 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $58.32, for a total value of $570,952.80. Following the transaction, the general counsel directly owned 135,658 shares in the company, valued at $7,911,574.56. This trade represents a 6.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 52,663 shares of company stock worth $3,061,073. 61.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GSAT. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective on the stock. B. Riley lifted their price target on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Finally, Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Globalstar presently has an average rating of “Hold” and an average price target of $68.50.

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.