Bank of America Corp DE Decreases Holdings in Globalstar, Inc. $GSAT

Bank of America Corp DE decreased its stake in Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 290,456 shares of the company's stock after selling 14,818 shares during the period. Bank of America Corp DE owned 0.23% of Globalstar worth $19,292,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Edgestream Partners L.P. lifted its stake in Globalstar by 64.2% in the first quarter. Edgestream Partners L.P. now owns 23,329 shares of the company's stock valued at $1,550,000 after purchasing an additional 9,118 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Globalstar by 11.6% in the first quarter. Janus Henderson Group PLC now owns 22,702 shares of the company's stock valued at $1,507,000 after buying an additional 2,367 shares during the period. Amundi raised its stake in shares of Globalstar by 11.7% in the first quarter. Amundi now owns 4,173 shares of the company's stock valued at $277,000 after buying an additional 437 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Globalstar by 12,975.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,184 shares of the company's stock valued at $278,000 after buying an additional 4,152 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Globalstar by 23.9% during the 1st quarter. California State Teachers Retirement System now owns 59,572 shares of the company's stock valued at $3,957,000 after buying an additional 11,488 shares during the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Globalstar Stock Performance

Shares of GSAT opened at $82.46 on Thursday. The company has a market cap of $10.68 billion, a PE ratio of -161.69 and a beta of 1.58. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average price of $80.95 and a 200-day moving average price of $74.45. Globalstar, Inc. has a 12-month low of $24.37 and a 12-month high of $84.85.

Globalstar (NASDAQ:GSAT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company had revenue of $64.77 million during the quarter. The company's revenue was down 3.5% compared to the same quarter last year. As a group, equities analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on GSAT shares. Craig Hallum lowered Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price objective for the company. in a report on Tuesday. Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Zacks Research lowered Globalstar from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Wall Street Zen upgraded Globalstar to a "sell" rating in a research report on Saturday, August 8th. Finally, Clear Str downgraded shares of Globalstar from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given 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 $75.67.

Insider Activity at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 12,045 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45. Following the completion of the transaction, the general counsel directly owned 131,303 shares in the company, valued at approximately $10,925,722.63. The trade was a 8.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rebecca Clary sold 24,100 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $82.17, for a total value of $1,980,297.00. Following the completion of the transaction, the chief financial officer directly owned 96,540 shares in the company, valued at approximately $7,932,691.80. This represents a 19.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 173,496 shares of company stock worth $14,414,424 over the last quarter. 60.00% of the stock is currently owned by corporate insiders.

Globalstar 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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