Soviero Asset Management LP Acquires New Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Soviero Asset Management LP acquired a new stake in shares of Globalstar, Inc. (NYSEARCA:GSAT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,800,000 shares of the company’s stock, valued at approximately $3,726,000. Globalstar makes up 2.3% of Soviero Asset Management LP’s investment portfolio, making the stock its 18th biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Globalstar by 36.3% during the third quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after purchasing an additional 603,285 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Globalstar by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock valued at $155,945,000 after purchasing an additional 540,882 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Globalstar by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,262,448 shares of the company’s stock valued at $12,963,000 after purchasing an additional 76,436 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Globalstar by 190.2% during the fourth quarter. Van ECK Associates Corp now owns 1,312,400 shares of the company’s stock valued at $2,717,000 after purchasing an additional 860,133 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Globalstar by 36.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the company’s stock valued at $63,000 after purchasing an additional 8,000 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Insider Activity at Globalstar

In other news, Director James Monroe III purchased 25,000 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was acquired at an average price of $20.80 per share, with a total value of $520,000.00. Following the purchase, the director now owns 847,273 shares in the company, valued at $17,623,278.40. This represents a 3.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul E. Jacobs sold 7,087 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total value of $156,977.05. Following the completion of the sale, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at approximately $274,084.10. The trade was a 36.42% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 334,546 shares of company stock valued at $7,181,976 and sold 34,257 shares valued at $755,528. 60.76% of the stock is currently owned by company insiders.

Globalstar Trading Down 1.7%

Shares of NYSEARCA GSAT opened at $18.35 on Monday. The stock has a market cap of $34.76 billion, a price-to-earnings ratio of -611.67 and a beta of 1.07. The business has a 50 day simple moving average of $20.11 and a 200 day simple moving average of $11.24. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Analyst Ratings Changes

GSAT has been the topic of several research reports. Morgan Stanley boosted their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. B. Riley boosted their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Craig Hallum dropped their price target on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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.