Globalstar, Inc. $GSAT Position Boosted by Greenhouse Funds LLLP

Greenhouse Funds LLLP raised its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 11.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,025,516 shares of the company’s stock after buying an additional 209,825 shares during the period. Globalstar comprises approximately 2.0% of Greenhouse Funds LLLP’s investment portfolio, making the stock its 26th biggest position. Greenhouse Funds LLLP’s holdings in Globalstar were worth $47,701,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of GSAT. Senvest Management LLC lifted its holdings in shares of Globalstar by 51.6% during the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock valued at $31,334,000 after purchasing an additional 452,624 shares during the last quarter. Penserra Capital Management LLC grew its position in Globalstar by 320.9% in the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after acquiring an additional 370,943 shares in the last quarter. American Century Companies Inc. grew its position in shares of Globalstar by 39.5% in the second 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 last quarter. Nordea Investment Management AB acquired a new position in Globalstar during the 2nd quarter valued at $3,037,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Globalstar by 124.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock worth $3,369,000 after acquiring an additional 79,185 shares during the period. Institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

GSAT stock opened at $61.17 on Wednesday. The company has a quick ratio of 2.46, a current ratio of 2.53 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 $65.52. The firm has a market cap of $7.76 billion, a P/E ratio of -132.98 and a beta of 1.08. The company’s 50-day moving average price is $49.34 and its two-hundred day moving average price is $34.02.

Globalstar (NASDAQ:GSAT) last released 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. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The company had revenue of $73.85 million for the quarter. During the same period last year, the business earned $0.06 EPS. The company’s revenue was up 2.1% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Globalstar in a report on Wednesday, November 26th. Finally, B. Riley increased their target price on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $75.00.

Insider Transactions at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 9,790 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $58.32, for a total value of $570,952.80. Following the completion of the sale, the general counsel owned 135,658 shares of the company’s stock, valued at approximately $7,911,574.56. This trade represents a 6.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Paul E. Jacobs sold 53,479 shares of the business’s 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 directly owned 58,895 shares of the company’s stock, valued at approximately $2,058,380.25. The trade was a 47.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 154,296 shares of company stock valued at $6,035,643. 60.76% of the stock is currently owned by corporate insiders.

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.