Anson Funds Management LP Lowers Stake 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 trimmed its position in Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 98.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 133,331 shares of the company's stock after selling 7,558,229 shares during the period. Anson Funds Management LP owned about 0.11% of Globalstar worth $2,781,000 as of its most recent SEC filing.

Separately, Acadian Asset Management LLC bought a new stake in Globalstar in the 1st quarter worth about $99,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Up 1.9%

GSAT traded up $0.58 on Tuesday, hitting $31.75. The company's stock had a trading volume of 543,910 shares, compared to its average volume of 794,761. The stock's 50 day simple moving average is $27.61. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of -70.56 and a beta of 1.00. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.13 EPS for the quarter, topping the consensus estimate 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.

Analyst Ratings Changes

A number of brokerages have issued reports on GSAT. Zacks Research raised shares of Globalstar to a "strong-buy" rating in a research report on Monday, August 11th. Wall Street Zen raised shares of Globalstar from a "sell" rating to a "hold" rating in a research report on Monday, June 23rd. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Globalstar currently has a consensus rating of "Strong Buy".

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 5,359 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $29.75, for a total value of $159,430.25. Following the completion of the transaction, the chief financial officer directly owned 107,761 shares of the company's stock, valued at $3,205,889.75. This trade represents a 4.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy Evan Taylor sold 26,334 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were 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 directly owned 320,244 shares of the company's stock, valued at approximately $9,789,859.08. The trade was a 7.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,026 shares of company stock valued at $1,815,543. Insiders own 61.00% of the company's stock.

Globalstar Company 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.