Sei Investments Co. Purchases 15,101 Shares of Globalstar, Inc. $GSAT

Sei Investments Co. increased its position in shares of Globalstar, Inc. (NASDAQ:GSAT) by 46.5% in the first quarter, Holdings Channel reports. The institutional investor owned 47,599 shares of the company’s stock after buying an additional 15,101 shares during the period. Sei Investments Co.’s holdings in Globalstar were worth $3,162,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of GSAT. Acadian Asset Management LLC bought a new stake in Globalstar in the 1st quarter valued at approximately $99,000. Invesco Ltd. grew its stake in shares of Globalstar by 13.8% during the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after acquiring an additional 3,462 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after purchasing an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC lifted its position in shares of Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

GSAT has been the subject of several recent research reports. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a report on Saturday. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Globalstar has an average rating of “Hold” and an average target price of $69.00.

Globalstar Stock Up 0.2%

NASDAQ:GSAT opened at $83.40 on Friday. Globalstar, Inc. has a twelve month low of $24.37 and a twelve month high of $84.85. The firm has a market capitalization of $10.74 billion, a price-to-earnings ratio of -163.53 and a beta of 1.58. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The stock’s 50 day moving average price is $80.74 and its two-hundred day moving average price is $73.25.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The company had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 15.93%. Globalstar’s quarterly revenue was down 3.5% on a year-over-year basis. Equities research analysts expect that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

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.