Curbstone Financial Management Corp Lowers Stock Position in Globalstar, Inc. $GSAT

Curbstone Financial Management Corp cut its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 9.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,200 shares of the company’s stock after selling 3,096 shares during the period. Curbstone Financial Management Corp’s holdings in Globalstar were worth $688,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GSAT. Nordea Investment Management AB purchased a new position in shares of Globalstar during the second quarter worth approximately $3,037,000. Acadian Asset Management LLC purchased a new position in Globalstar in the 1st quarter valued at $99,000. Finally, Magnus Financial Group LLC grew its position in Globalstar by 1.7% in the 2nd quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock valued at $4,610,000 after buying an additional 3,333 shares during the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on GSAT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Wednesday, October 8th. Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Finally, Wall Street Zen upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Globalstar presently has a consensus rating of “Reduce”.

Globalstar Stock Performance

Globalstar stock opened at $43.56 on Friday. Globalstar, Inc. has a one year low of $15.00 and a one year high of $47.44. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. The firm has a fifty day simple moving average of $34.18. The firm has a market capitalization of $5.52 billion, a P/E ratio of -96.80 and a beta of 0.99.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, August 7th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.22. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%.The company had revenue of $67.15 million during the quarter. Globalstar has set its FY 2025 guidance at EPS.

Insider Buying and Selling at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 53,479 shares of the firm’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $34.95, for a total value of $1,869,091.05. Following the completion of the sale, the chief executive officer owned 58,895 shares of the company’s stock, valued at approximately $2,058,380.25. This trade represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 4,333 shares of Globalstar stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $44.43, for a total value of $192,515.19. Following the transaction, the chief financial officer directly owned 110,852 shares of the company’s stock, valued at $4,925,154.36. This trade represents a 3.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 117,938 shares of company stock valued at $3,950,670. 61.00% of the stock is owned by company insiders.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.