Vanguard Group Inc. Sells 166,931 Shares of Globalstar, Inc. $GSAT

by · The Cerbat Gem

Vanguard Group Inc. decreased its position in Globalstar, Inc. (NASDAQ:GSAT – Free Report) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,066,790 shares of the company’s stock after selling 166,931 shares during the quarter. Vanguard Group Inc. owned approximately 3.99% of Globalstar worth $309,277,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of GSAT. Acadian Asset Management LLC bought a new position in Globalstar in the first quarter valued at about $99,000. Invesco Ltd. raised its stake in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after buying an additional 3,462 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after buying an additional 2,331 shares during the period. Corient Private Wealth LLC raised its stake in shares of Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after buying an additional 3,334 shares during the period. Finally, Cannell Capital LLC raised its stake in shares of Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after buying an additional 580 shares during the period. Institutional investors own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Globalstar has an average rating of “Hold” and an average price target of $69.00.

Read Our Latest Report on Globalstar

Globalstar Stock Down 0.6%

Shares of GSAT opened at $81.48 on Friday. The business’s 50 day moving average is $69.50 and its 200 day moving average is $63.08. The company has a market capitalization of $10.48 billion, a PE ratio of -543.16, a price-to-earnings-growth ratio of 133.83 and a beta of 1.56. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $82.85. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.

Globalstar (NASDAQ:GSAT – Get Free Report) last issued its earnings results 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 business had revenue of $70.06 million for the quarter. Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. Research analysts expect that Globalstar, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $39,085.42. Following the sale, the general counsel owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. This trade represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 4,066 shares of Globalstar stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total value of $330,321.84. Following the sale, the chief financial officer directly owned 121,198 shares in the company, valued at $9,846,125.52. This trade represents a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 12,257 shares of company stock valued at $890,722. 60.00% of the stock is owned by company insiders.

Globalstar Profile

(Free Report)

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.

See Also

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