Edgestream Partners L.P. Buys 9,118 Shares of Globalstar, Inc. $GSAT

Edgestream Partners L.P. lifted its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 64.2% during the first quarter, HoldingsChannel reports. The firm owned 23,329 shares of the company’s stock after acquiring an additional 9,118 shares during the quarter. Edgestream Partners L.P.’s holdings in Globalstar were worth $1,550,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Ashford Capital Management Inc. grew its stake in shares of Globalstar by 3.8% in the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after buying an additional 51,703 shares in the last quarter. State Street Corp raised its position in Globalstar by 2.4% during the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock worth $82,030,000 after acquiring an additional 31,977 shares in the last quarter. Geode Capital Management LLC raised its position in Globalstar by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after acquiring an additional 4,799 shares in the last quarter. Senvest Management LLC lifted its stake in Globalstar by 27.7% in the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after acquiring an additional 188,325 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Globalstar by 19.5% in the 4th quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock valued at $35,684,000 after acquiring an additional 95,275 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

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

Globalstar Trading Up 1.0%

Shares of Globalstar stock opened at $84.18 on Tuesday. The business has a fifty day simple moving average of $80.80 and a two-hundred day simple moving average of $72.73. Globalstar, Inc. has a 1 year low of $23.25 and a 1 year high of $84.85. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of -561.20 and a beta of 1.58. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56.

Globalstar (NASDAQ:GSAT) last released 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 return on equity of 3.75% and a negative net margin of 6.84%.The company had revenue of $70.06 million for the quarter. Globalstar’s revenue was up 16.7% compared to the same quarter last year. Research analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other news, CFO Rebecca Clary sold 920 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $81.75, for a total transaction of $75,210.00. Following the completion of the sale, the chief financial officer owned 120,278 shares in the company, valued at approximately $9,832,726.50. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 60.00% of the company’s stock.

Globalstar Company 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.