Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in Globalstar, Inc. $GSAT

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 124.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,039 shares of the company’s stock after acquiring an additional 79,185 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.11% of Globalstar worth $3,369,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GSAT. Y Intercept Hong Kong Ltd bought a new position in Globalstar in the 2nd quarter worth about $343,000. Palogic Value Management L.P. bought a new position in shares of Globalstar in the second quarter valued at approximately $1,178,000. Nordea Investment Management AB purchased a new position in Globalstar during the second quarter valued at approximately $3,037,000. Penserra Capital Management LLC increased its holdings in Globalstar by 320.9% during the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after acquiring an additional 370,943 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in Globalstar in the 2nd quarter worth approximately $385,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Paul E. Jacobs sold 53,479 shares of Globalstar stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $34.95, for a total value of $1,869,091.05. Following the transaction, the chief executive officer directly owned 58,895 shares of the company’s stock, valued at $2,058,380.25. The trade was a 47.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Rebecca Clary sold 4,572 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $48.31, for a total transaction of $220,873.32. Following the sale, the chief financial officer owned 115,804 shares of the company’s stock, valued at $5,594,491.24. This represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 122,622 shares of company stock valued at $4,178,414. Insiders own 61.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GSAT. Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research report on Wednesday, October 8th. Finally, B. Riley raised their price target on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.00.

Globalstar Trading Down 0.4%

Shares of Globalstar stock opened at $62.95 on Friday. The firm’s 50-day moving average price is $43.11. The company has a market cap of $7.98 billion, a price-to-earnings ratio of -139.89 and a beta of 1.00. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $65.52. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.81 and a quick ratio of 2.72.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The business had revenue of $73.85 million during the quarter. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 EPS. Globalstar has set its FY 2025 guidance at EPS.

Globalstar 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.