Massachusetts Financial Services Co. MA Acquires Shares of 12,218 Globalstar, Inc. $GSAT

Massachusetts Financial Services Co. MA acquired a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 12,218 shares of the company’s stock, valued at approximately $746,000.

Other institutional investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Globalstar during the 3rd quarter valued at about $713,000. Essex Investment Management Co. LLC purchased a new position in shares of Globalstar during the 3rd quarter valued at about $7,072,000. JT Stratford LLC purchased a new position in shares of Globalstar during the 3rd quarter valued at about $2,678,000. Vanguard Group Inc. raised its stake in shares of Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock valued at $190,455,000 after buying an additional 141,451 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Globalstar by 24.3% during the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock valued at $45,868,000 after buying an additional 246,123 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

NASDAQ:GSAT opened at $80.02 on Friday. Globalstar, Inc. has a 52 week low of $17.24 and a 52 week high of $81.07. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $10.29 billion, a PE ratio of -533.43, a price-to-earnings-growth ratio of 130.66 and a beta of 1.46. The stock’s 50-day moving average price is $64.27 and its 200-day moving average price is $59.60.

Globalstar (NASDAQ:GSAT) last posted its earnings results on Friday, February 27th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.12). Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The business had revenue of $71.96 million for the quarter, compared to analyst estimates of $71.80 million. The business’s revenue was up 17.6% on a year-over-year basis.

Insider Activity

In related news, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $59.56, for a total value of $42,525.84. Following the sale, the chief executive officer directly owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 4,037 shares of Globalstar stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $79.85, for a total value of $322,354.45. Following the completion of the sale, the chief financial officer owned 115,741 shares in the company, valued at approximately $9,241,918.85. The trade was a 3.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 8,191 shares of company stock worth $560,400 in the last ninety days. Company insiders own 60.00% of the company’s stock.

Analyst Upgrades and Downgrades

GSAT has been the subject of a number of recent research reports. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Craig Hallum reiterated a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Globalstar has an average rating of “Hold” and an average target price of $69.00.

Globalstar 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.