Arrowstreet Capital Limited Partnership Reduces Stock Holdings in Globalstar, Inc. $GSAT

Key Points

• Arrowstreet Capital cut its Globalstar holdings by 36.1% in the first quarter, selling 48,344 shares and retaining 85,506 shares valued at approximately $5.68 million.
• Globalstar reported quarterly revenue of $70.06 million, up 16.7% year over year, but its loss of $0.16 per share significantly missed the $0.02-loss consensus estimate.
• Shares opened at $83.38, near their 52-week high of $84.69, while analysts’ average rating remains Hold with a $69 price target; insiders own approximately 60% of the company.

Arrowstreet Capital Limited Partnership lowered its holdings in Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 36.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 85,506 shares of the company's stock after selling 48,344 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.07% of Globalstar worth $5,679,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in shares of Globalstar by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock valued at $1,733,000 after buying an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC boosted its stake in shares of Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock worth $241,000 after buying an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Globalstar by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company's stock worth $1,219,000 after buying an additional 248 shares during the last quarter. Clearstead Trust LLC grew its holdings in Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock worth $130,000 after acquiring an additional 366 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar during the fourth quarter worth about $26,000. Hedge funds and other institutional investors own 18.89% of the company's stock.

Globalstar Stock Performance

Shares of NASDAQ:GSAT opened at $83.38 on Monday. Globalstar, Inc. has a 1 year low of $22.35 and a 1 year high of $84.69. The firm has a market capitalization of $10.74 billion, a price-to-earnings ratio of -555.87 and a beta of 1.58. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The business's 50 day moving average price is $80.77 and its 200-day moving average price is $72.59.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced 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). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The company had revenue of $70.06 million during the quarter. The company's revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities research analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Clear Str cut shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Globalstar currently has an average rating of "Hold" and an average target price of $69.00.

Insider Transactions at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 920 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00. Following the completion of the sale, the chief financial officer directly owned 120,278 shares in the company, valued at approximately $9,832,726.50. The trade was a 0.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 60.00% of the company's stock.

About Globalstar

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.

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