Ashford Capital Management Inc. Has $60.98 Million Stake in Globalstar, Inc. $GSAT

Key Points

• Ashford Capital Management cut its Globalstar stake by 29.1% in Q4, but the position is still large at 998,995 shares worth about $60.98 million. Globalstar remains the fund’s biggest holding, representing 6.8% of its portfolio.
• Analyst sentiment on GSAT is mixed: recent rating changes include upgrades/downgrades, and the current consensus from MarketBeat is Hold with a $69.00 price target.
• Globalstar reported Q1 revenue of $70.06 million, up 16.7% year over year, but still posted a loss of $0.16 per share, missing analyst expectations. Insider selling also occurred recently, including sales by the CFO and CEO.

Ashford Capital Management Inc. lessened its stake in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 29.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 998,995 shares of the company's stock after selling 410,326 shares during the period. Globalstar accounts for approximately 6.8% of Ashford Capital Management Inc.'s holdings, making the stock its biggest position. Ashford Capital Management Inc. owned 0.79% of Globalstar worth $60,979,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GSAT. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globalstar by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company's stock valued at $1,219,000 after acquiring an additional 248 shares during the last quarter. Clearstead Trust LLC lifted its holdings in shares of Globalstar by 20.7% in the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock valued at $130,000 after acquiring an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar in the 4th quarter valued at about $27,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Globalstar by 2.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company's stock valued at $896,000 after acquiring an additional 540 shares during the last quarter. Institutional investors own 18.89% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GSAT shares. Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Clear Str lowered shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Zacks Research lowered shares of Globalstar from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 12th. Finally, Craig Hallum reissued a "buy" rating and issued a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Globalstar presently has a consensus rating of "Hold" and a consensus price target of $69.00.

Insider Buying and Selling

In related news, CFO Rebecca Clary sold 4,066 shares of the company's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the transaction, the chief financial officer directly owned 121,198 shares of the company's stock, valued at $9,846,125.52. This represents a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 714 shares of the company's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the transaction, the chief executive officer directly owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,737 shares of company stock worth $770,412 in the last 90 days. 60.00% of the stock is currently owned by company insiders.

Globalstar Stock Performance

Shares of GSAT stock opened at $79.75 on Wednesday. The firm has a market cap of $10.27 billion, a price-to-earnings ratio of -531.67 and a beta of 1.55. The company's 50 day moving average is $80.81 and its 200 day moving average is $68.86. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. Globalstar, Inc. has a 52-week low of $22.35 and a 52-week high of $84.69.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $70.06 million for the quarter. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Globalstar Company Profile

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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