Goldman Sachs Group Inc. Sells 4,532,144 Shares of Globalstar, Inc. $GSAT

Key Points

• Goldman Sachs significantly reduced its stake in Globalstar, Inc. by 93.9%, owning only 0.23% of the company valued at $6.14 million after selling over 4.5 million shares.
• Globalstar received a "strong-buy" rating upgrade from Zacks Research, with an average rating of "Strong Buy" according to MarketBeat.
• Despite a recent earnings report beating expectations, Globalstar's stock has shown volatility, with a 12-month price range between $15.00 and $41.10, reflecting its market cap of $3.95 billion.

Goldman Sachs Group Inc. reduced its position in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 93.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 294,080 shares of the company's stock after selling 4,532,144 shares during the period. Goldman Sachs Group Inc. owned about 0.23% of Globalstar worth $6,135,000 as of its most recent filing with the Securities and Exchange Commission.

Separately, Acadian Asset Management LLC bought a new stake in Globalstar in the first quarter valued at approximately $99,000. Institutional investors and hedge funds own 18.89% of the company's stock.

Globalstar Stock Performance

NASDAQ:GSAT traded up $0.54 during trading on Friday, reaching $35.10. The company's stock had a trading volume of 1,746,874 shares, compared to its average volume of 1,313,967. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of -78.00 and a beta of 1.01. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.72 and a current ratio of 2.81. The company has a 50 day simple moving average of $28.16. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10.

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

Insider Activity

In related news, VP Timothy Evan Taylor sold 26,334 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $805,030.38. Following the transaction, the vice president directly owned 320,244 shares of the company's stock, valued at approximately $9,789,859.08. This trade represents a 7.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Rebecca Clary sold 5,359 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $29.75, for a total value of $159,430.25. Following the transaction, the chief financial officer owned 107,761 shares in the company, valued at approximately $3,205,889.75. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,026 shares of company stock worth $1,815,543. Insiders own 61.00% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on GSAT shares. Wall Street Zen upgraded Globalstar from a "sell" rating to a "hold" rating in a 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 research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Strong Buy".

About Globalstar

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.