Senvest Management LLC Has $57.72 Million Stake in Globalstar, Inc. $GSAT

Senvest Management LLC raised its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 27.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 868,946 shares of the company’s stock after acquiring an additional 188,325 shares during the quarter. Globalstar comprises 1.9% of Senvest Management LLC’s portfolio, making the stock its 23rd biggest holding. Senvest Management LLC’s holdings in Globalstar were worth $57,715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of GSAT. UBS Group AG boosted its stake in shares of Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock worth $32,142,000 after acquiring an additional 329,270 shares in the last quarter. Defiance ETFs LLC acquired a new position in shares of Globalstar during the 4th quarter valued at about $19,461,000. First Trust Advisors LP bought a new position in shares of Globalstar in the 4th quarter valued at approximately $11,471,000. Price T Rowe Associates Inc. MD raised its stake in shares of Globalstar by 41.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 539,817 shares of the company’s stock valued at $32,952,000 after acquiring an additional 157,443 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Globalstar by 19.5% in the 4th quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock worth $35,684,000 after purchasing an additional 95,275 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $69.00.

Globalstar Stock Performance

NASDAQ GSAT opened at $78.93 on Friday. The company’s fifty day moving average is $81.00 and its two-hundred day moving average is $71.91. Globalstar, Inc. has a 52-week low of $22.35 and a 52-week high of $84.69. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The firm has a market capitalization of $10.17 billion, a price-to-earnings ratio of -526.20 and a beta of 1.55.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The company had revenue of $70.06 million for the quarter. Globalstar’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the transaction, the chief financial officer owned 121,198 shares of the company’s stock, valued at $9,846,125.52. This represents a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 60.00% of the stock is currently owned by company insiders.

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.