Globalstar, Inc. $GSAT Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management significantly reduced its stake in Globalstar, Inc. by 94%, owning only 13,235 shares after selling 207,195 shares during the first quarter.
• Globalstar's stock received upgrades from analysts, including a upgrade to "strong-buy" by Zacks Research, with an average rating of "Strong Buy" according to MarketBeat.
• CEO Paul E. Jacobs sold 53,479 shares, indicating a 47.59% decrease in his holdings, amid a backdrop of increasing insider activity with 60.76% of the stock owned by insiders.

Voya Investment Management LLC reduced its stake in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 94.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,235 shares of the company's stock after selling 207,195 shares during the period. Voya Investment Management LLC's holdings in Globalstar were worth $276,000 at the end of the most recent reporting period.

Separately, Acadian Asset Management LLC purchased a new stake in shares of Globalstar during the 1st quarter worth $99,000. Hedge funds and other institutional investors own 18.89% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen upgraded shares of Globalstar from a "sell" rating to a "hold" rating in a research report on Monday, June 23rd. Zacks Research upgraded shares of Globalstar to a "strong-buy" rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, Globalstar has an average rating of "Strong Buy".

Insider Activity at Globalstar

In related news, CEO Paul E. Jacobs sold 53,479 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.95, for a total value of $1,869,091.05. Following the completion of the transaction, the chief executive officer owned 58,895 shares of the company's stock, valued at approximately $2,058,380.25. The trade was a 47.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rebecca Clary sold 5,359 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $29.75, for a total transaction of $159,430.25. Following the completion of the transaction, the chief financial officer directly owned 107,761 shares of the company's stock, valued at $3,205,889.75. The trade was a 4.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,605 shares of company stock valued at $3,758,155. 60.76% of the stock is owned by insiders.

Globalstar Trading Up 3.5%

Shares of GSAT stock opened at $35.37 on Tuesday. The company has a 50-day moving average price of $29.12. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10. The firm has a market cap of $4.48 billion, a P/E ratio of -78.60 and a beta of 1.00. The company has a quick ratio of 2.72, a current ratio of 2.81 and a debt-to-equity ratio of 1.30.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.22. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. Globalstar has set its FY 2025 guidance at EPS.

Globalstar Profile

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.

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