Anson Funds Management LP Reduces Holdings in Globalstar, Inc. $GSAT

Key Points

• Anson Funds Management LP drastically cut its holdings in Globalstar, Inc. by 98.3%, selling over 7.5 million shares and now owning just 133,331 shares worth approximately $2.78 million.
• Acadian Asset Management LLC entered a new position in Globalstar valued at about $99,000 during the same quarter, contributing to institutional investors owning 18.89% of the company's stock.
• Analysts upgraded Globalstar's rating to a strong-buy, with a consensus rating of "Strong Buy" following the company reporting a positive earnings per share that exceeded analyst expectations.

Anson Funds Management LP reduced its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 98.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,331 shares of the company's stock after selling 7,558,229 shares during the quarter. Anson Funds Management LP owned approximately 0.11% of Globalstar worth $2,781,000 as of its most recent filing with the Securities and Exchange Commission.

Separately, Acadian Asset Management LLC purchased a new position in Globalstar during the 1st quarter valued at about $99,000. Institutional investors and hedge funds own 18.89% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Zacks Research upgraded shares of Globalstar to a "strong-buy" rating in a report on Monday, August 11th. Wall Street Zen upgraded shares of Globalstar from a "sell" rating to a "hold" rating in a report on Monday, June 23rd. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Globalstar presently has a consensus rating of "Strong Buy".

Globalstar Stock Performance

GSAT opened at $31.12 on Thursday. The business has a 50 day moving average of $27.31. 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, Inc. has a 1 year low of $15.00 and a 1 year high of $41.10. The firm has a market capitalization of $3.94 billion, a PE ratio of -69.16 and a beta of 1.01.

Globalstar (NASDAQ:GSAT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.22. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. 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.

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