Healthcare of Ontario Pension Plan Trust Fund Cuts Stock Holdings in Globalstar, Inc. $GSAT

Healthcare of Ontario Pension Plan Trust Fund lowered its position in Globalstar, Inc. (NASDAQ:GSAT) by 89.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,564 shares of the company’s stock after selling 22,284 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Globalstar were worth $170,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in GSAT. UBS Group AG raised its stake 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 in the last quarter. Defiance ETFs LLC purchased a new stake in shares of Globalstar in the fourth quarter valued at approximately $19,461,000. First Trust Advisors LP purchased a new stake in shares of Globalstar in the fourth quarter valued at approximately $11,471,000. Price T Rowe Associates Inc. MD grew its holdings in Globalstar by 41.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 539,817 shares of the company’s stock worth $32,952,000 after acquiring an additional 157,443 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Globalstar by 19.5% during the fourth quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock worth $35,684,000 after acquiring an additional 95,275 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

GSAT opened at $83.38 on Monday. The stock has a market cap of $10.74 billion, a P/E ratio of -555.87 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. The stock’s 50 day simple moving average is $80.77 and its 200 day simple moving average is $72.59. Globalstar, Inc. has a 1-year low of $22.35 and a 1-year high of $84.69.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.14). The firm had revenue of $70.06 million for the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The firm’s revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Globalstar

In other news, CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction 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. The trade was a 0.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

About Globalstar

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.