Ashford Capital Management Inc. lowered its stake in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 9.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 907,531 shares of the company's stock after selling 91,464 shares during the period. Globalstar accounts for approximately 7.4% of Ashford Capital Management Inc.'s portfolio, making the stock its biggest holding. Ashford Capital Management Inc. owned 0.70% of Globalstar worth $60,278,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Sculptor Capital LP acquired a new position in Globalstar in the 1st quarter worth $15,742,000. LBP AM SA acquired a new stake in shares of Globalstar during the fourth quarter valued at about $4,139,000. SG Americas Securities LLC grew its stake in shares of Globalstar by 45.4% during the fourth quarter. SG Americas Securities LLC now owns 28,486 shares of the company's stock valued at $1,739,000 after acquiring an additional 8,897 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Globalstar during the fourth quarter worth about $2,178,000. Finally, UBS Group AG increased its position in shares of Globalstar by 166.9% during the fourth quarter. UBS Group AG now owns 526,566 shares of the company's stock worth $32,142,000 after acquiring an additional 329,270 shares during the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
GSAT has been the topic of several recent analyst reports. 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 raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 7th. Finally, Clear Str downgraded shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $69.00.
Check Out Our Latest Stock Analysis on GSAT
Insider Transactions at Globalstar
In related news, CFO Rebecca Clary sold 920 shares of the stock in a transaction 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. This trade represents a 0.76% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is currently owned by insiders.
Globalstar Stock Up 0.1%
Shares of GSAT stock opened at $79.03 on Tuesday. 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 business's fifty day moving average is $80.95 and its 200-day moving average is $72.05. Globalstar, Inc. has a 1 year low of $22.35 and a 1 year high of $84.69. The stock has a market cap of $10.18 billion, a PE ratio of -526.87 and a beta of 1.55.
Globalstar (NASDAQ:GSAT - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The company had revenue of $70.06 million during the quarter. The business's revenue was up 16.7% compared to the same quarter last year. Equities analysts expect that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.
Globalstar Profile
(
Free Report)
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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