Globalstar, Inc. $GSAT Stake Increased by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors increased its Globalstar stake by 923.3% in the third quarter, owning 18,430 shares valued at approximately $1.53 million. Institutional investors collectively own 18.89% of GSAT.
• Globalstar reported quarterly revenue of $64.77 million, down 3.5% year over year, while its adjusted loss of $0.23 per share missed analyst estimates of a $0.09 loss.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and a $75.67 price target versus its reported $82.52 share price. Insider activity was mixed, including a major director purchase and substantial insider selling over the past 90 days.

Nisa Investment Advisors LLC grew its holdings in Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 923.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,430 shares of the company's stock after buying an additional 16,629 shares during the quarter. Nisa Investment Advisors LLC's holdings in Globalstar were worth $1,528,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in GSAT. Optiver Holding B.V. acquired a new position in Globalstar during the 1st quarter worth about $32,000. Parkside Financial Bank & Trust grew its holdings in Globalstar by 879.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company's stock worth $62,000 after acquiring an additional 686 shares during the last quarter. GAMMA Investing LLC increased its position in Globalstar by 120.3% in the 3rd quarter. GAMMA Investing LLC now owns 859 shares of the company's stock valued at $71,000 after acquiring an additional 469 shares in the last quarter. Meeder Asset Management Inc. increased its position in Globalstar by 169.0% in the 1st quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company's stock valued at $80,000 after acquiring an additional 752 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Globalstar by 90.0% in the second quarter. Allworth Financial LP now owns 1,043 shares of the company's stock worth $85,000 after acquiring an additional 494 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

Globalstar Stock Performance

Shares of GSAT opened at $82.52 on Monday. The stock's fifty day simple moving average is $82.53 and its 200-day simple moving average is $81.48. The firm has a market capitalization of $10.69 billion, a PE ratio of -161.80 and a beta of 1.45. Globalstar, Inc. has a 12-month low of $41.06 and a 12-month high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GSAT. Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a research report on Saturday, August 8th. Craig Hallum cut shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price target on the stock. in a research note on Tuesday, August 18th. Weiss Ratings lowered shares of Globalstar from a "hold (c)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd. Finally, Zacks Research upgraded shares of Globalstar from a "strong sell" rating to a "hold" rating in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $75.67.

Insider Buying and Selling

In other Globalstar news, Director James Monroe, III acquired 361,600 shares of Globalstar stock in a transaction on Friday, September 18th. The shares were purchased at an average cost of $82.52 per share, with a total value of $29,839,232.00. Following the completion of the purchase, the director owned 408,253 shares in the company, valued at $33,689,037.56. The trade was a 775.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Benjamin G. Wolff sold 32,711 shares of Globalstar stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $83.19, for a total transaction of $2,721,228.09. Following the sale, the director directly owned 4,116 shares of the company's stock, valued at $342,410.04. This represents a 88.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 685,864 shares of company stock worth $56,598,086. 60.00% of the stock is currently owned by company insiders.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.

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