8,900 Shares in Globalstar, Inc. $GSAT Bought by Strs Ohio

Strs Ohio acquired a new position in shares of Globalstar, Inc. (NASDAQ:GSAT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,900 shares of the company’s stock, valued at approximately $543,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position 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 worth $190,455,000 after buying an additional 141,451 shares during the last quarter. Greenhouse Funds LLLP lifted its position in shares of Globalstar by 6.1% during the 3rd quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after buying an additional 123,676 shares during the last quarter. Ashford Capital Management Inc. lifted its position in shares of Globalstar by 3.8% during the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after buying an additional 51,703 shares during the last quarter. American Century Companies Inc. lifted its position 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 worth $45,868,000 after buying an additional 246,123 shares during the last quarter. Finally, UBS Group AG lifted its position 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 buying an additional 329,270 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on GSAT. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. Finally, Craig Hallum restated a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.00.

Globalstar Price Performance

Shares of GSAT opened at $82.09 on Friday. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $82.85. The business has a 50-day simple moving average of $69.50 and a two-hundred day simple moving average of $63.08. 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 cap of $10.56 billion, a PE ratio of -547.27, a PEG ratio of 134.02 and a beta of 1.56.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.71% and a negative net margin of 6.84%.The firm had revenue of $70.06 million during the quarter. The firm’s revenue was up 16.7% on a year-over-year basis. Analysts anticipate that Globalstar, Inc. will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the company’s stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the transaction, the general counsel directly owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,257 shares of company stock valued at $890,722 in the last 90 days. 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.