Dimensional Fund Advisors LP Raises Stock Holdings in Globalstar, Inc. $GSAT

Key Points

• Dimensional Fund Advisors increased its Globalstar stake by 7.4% in the first quarter, bringing its holdings to 231,690 shares valued at approximately $15.4 million. Institutional and hedge-fund investors collectively own 18.89% of GSAT.
• Globalstar reported a quarterly loss of $0.23 per share, missing the $0.09 consensus estimate, while revenue fell 3.5% year over year to $64.77 million. Analysts expect a full-year loss of $0.38 per share.
• GSAT opened at $83.40, near its 52-week high, but analysts maintain a consensus “Hold” rating with a $69.00 price target; the company’s CFO also sold 920 shares under a pre-arranged trading plan.

Dimensional Fund Advisors LP raised its holdings in Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 231,690 shares of the company's stock after purchasing an additional 16,009 shares during the period. Dimensional Fund Advisors LP owned about 0.18% of Globalstar worth $15,363,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. acquired a new position in shares of Globalstar during the 1st quarter worth approximately $240,000. Clay Northam Wealth Management LLC grew its stake in Globalstar by 4.6% in the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock valued at $241,000 after acquiring an additional 160 shares during the period. World Investment Advisors purchased a new stake in Globalstar in the 1st quarter worth $266,000. Strs Ohio increased its holdings in Globalstar by 7.9% in the 1st quarter. Strs Ohio now owns 9,600 shares of the company's stock worth $638,000 after acquiring an additional 700 shares in the last quarter. Finally, IFM Investors Pty Ltd acquired a new position in Globalstar during the first quarter worth $209,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globalstar

In related news, CFO Rebecca Clary sold 920 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were 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 owned 120,278 shares of the company's stock, valued at approximately $9,832,726.50. This represents a 0.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 60.00% of the company's stock.

Globalstar Stock Up 0.2%

NASDAQ GSAT opened at $83.40 on Friday. The business has a fifty day moving average price of $80.74 and a 200 day moving average price of $73.25. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60. The company has a market cap of $10.74 billion, a P/E ratio of -163.53 and a beta of 1.58. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 15.93% and a negative net margin of 22.25%.The business had revenue of $64.77 million for the quarter. The business's revenue was down 3.5% on a year-over-year basis. Research analysts anticipate that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GSAT shares. Weiss Ratings raised shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a research report on Saturday. Clear Str downgraded shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Zacks Research raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $69.00.

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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