BlueCrest Capital Management Ltd Buys New Position in Globalstar, Inc. $GSAT

BlueCrest Capital Management Ltd bought a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 12,000 shares of the company’s stock, valued at approximately $975,000.

A number of other institutional investors have also recently made changes to their positions in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar in the fourth quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar during the fourth quarter valued at about $27,000. Optiver Holding B.V. bought a new stake in Globalstar during the first quarter worth about $32,000. Parkside Financial Bank & Trust lifted its stake in Globalstar by 879.5% during the second quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock worth $62,000 after purchasing an additional 686 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 24,100 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $82.17, for a total transaction of $1,980,297.00. Following the transaction, the chief financial officer directly owned 96,540 shares of the company’s stock, valued at approximately $7,932,691.80. The trade was a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Benjamin Wolff sold 19,998 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total transaction of $1,639,436.04. Following the completion of the transaction, the director owned 4,116 shares of the company’s stock, valued at $337,429.68. This trade represents a 82.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 322,572 shares of company stock valued at $26,618,486 over the last quarter. 60.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GSAT shares. Wall Street Zen upgraded Globalstar to a “sell” rating in a research report on Saturday, August 8th. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Craig Hallum cut shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research note on Tuesday, August 18th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Globalstar in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $75.67.

Globalstar Trading Down 0.7%

GSAT opened at $81.68 on Thursday. The business has a 50 day simple moving average of $81.37 and a two-hundred day simple moving average of $76.86. The firm has a market capitalization of $10.58 billion, a price-to-earnings ratio of -160.16 and a beta of 1.51. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. Globalstar, Inc. has a one year low of $29.36 and a one year high of $84.85.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business had revenue of $64.77 million during the quarter. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. Analysts predict that Globalstar, Inc. will post -0.62 EPS for the current year.

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.