Globalstar, Inc. $GSAT Shares Acquired by Greenhouse Funds LLLP

by · The Markets Daily

Greenhouse Funds LLLP increased its stake in shares of Globalstar, Inc. (NASDAQ:GSAT – Free Report) by 11.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,025,516 shares of the company’s stock after acquiring an additional 209,825 shares during the period. Globalstar makes up approximately 2.0% of Greenhouse Funds LLLP’s holdings, making the stock its 26th largest holding. Greenhouse Funds LLLP owned about 1.60% of Globalstar worth $47,701,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of GSAT. Magnus Financial Group LLC lifted its position in shares of Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock worth $4,610,000 after purchasing an additional 3,333 shares in the last quarter. Legal & General Group Plc increased its stake in Globalstar by 6.3% during the 2nd quarter. Legal & General Group Plc now owns 58,950 shares of the company’s stock worth $1,388,000 after buying an additional 3,486 shares during the period. Acadian Asset Management LLC acquired a new position in Globalstar in the 1st quarter worth $99,000. Rhumbline Advisers boosted its position in Globalstar by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 74,458 shares of the company’s stock valued at $1,754,000 after buying an additional 4,845 shares during the last quarter. Finally, Inspire Advisors LLC acquired a new stake in shares of Globalstar during the second quarter valued at about $221,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

GSAT has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Globalstar in a research note on Wednesday, November 26th. Zacks Research lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Finally, B. Riley lifted their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Globalstar presently has an average rating of “Hold” and a consensus price target of $75.00.

Check Out Our Latest Analysis on Globalstar

Insider Activity

In related news, CFO Rebecca Clary sold 16,316 shares of Globalstar stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $58.32, for a total value of $951,549.12. Following the sale, the chief financial officer directly owned 98,374 shares in the company, valued at $5,737,171.68. This trade represents a 14.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Timothy Evan Taylor sold 26,334 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $805,030.38. Following the completion of the transaction, the vice president owned 320,244 shares of the company’s stock, valued at approximately $9,789,859.08. This trade represents a 7.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 154,296 shares of company stock worth $6,035,643 over the last ninety days. Insiders own 60.76% of the company’s stock.

Globalstar Stock Performance

Shares of NASDAQ GSAT opened at $61.17 on Wednesday. The stock has a market capitalization of $7.76 billion, a P/E ratio of -132.98 and a beta of 1.08. The firm’s 50-day moving average price is $49.34 and its two-hundred day moving average price is $34.02. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $65.52. The company has a quick ratio of 2.46, a current ratio of 2.53 and a debt-to-equity ratio of 1.33.

Globalstar (NASDAQ:GSAT – Get Free Report) last announced its quarterly 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 for the quarter. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.06 EPS.

About Globalstar

(Free Report)

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.

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