Governors Lane LP Purchases New Shares in Globalstar, Inc. $GSAT

Key Points

• Governors Lane LP purchased 37,100 Globalstar shares during the second quarter, worth approximately $3.02 million. Institutional investors collectively own 18.89% of GSAT.
• Analyst sentiment is mixed but leans cautious: Globalstar has an average “Hold” rating, with one Buy, four Holds and one Sell, and an average price target of $75.67.
• Globalstar insiders sold 322,572 shares worth about $26.6 million over the past three months. The company also reported a quarterly EPS loss of $0.23, missing estimates, while revenue fell 3.5% year over year to $64.77 million.

Governors Lane LP purchased a new position in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 37,100 shares of the company's stock, valued at approximately $3,016,000.

Other institutional investors have also added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar in the fourth quarter valued at approximately $27,000. Optiver Holding B.V. purchased a new stake in shares of Globalstar during the first quarter valued at approximately $32,000. US Bancorp DE lifted its holdings in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company's stock worth $34,000 after acquiring an additional 800 shares during the period. Finally, Advisory Services Network LLC purchased a new position in Globalstar in the third quarter worth $40,000. 18.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GSAT has been the subject of several research analyst reports. Zacks Research lowered Globalstar from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Clear Str lowered shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Craig Hallum downgraded shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price objective for the company. in a report on Tuesday, August 18th. Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Globalstar in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $75.67.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 24,100 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $82.17, for a total value of $1,980,297.00. Following the completion of the transaction, the chief financial officer owned 96,540 shares in the company, valued at $7,932,691.80. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel L. Ponder, IV sold 4,720 shares of Globalstar stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $83.52, for a total value of $394,214.40. Following the transaction, the general counsel directly owned 126,583 shares of the company's stock, valued at $10,572,212.16. The trade was a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 322,572 shares of company stock worth $26,618,486 in the last three months. 60.00% of the stock is currently owned by corporate insiders.

Globalstar Stock Performance

Shares of GSAT stock opened at $82.22 on Wednesday. The stock has a market capitalization of $10.65 billion, a P/E ratio of -161.22 and a beta of 1.51. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The firm's 50 day moving average is $81.36 and its 200 day moving average is $76.70. Globalstar, Inc. has a 12 month low of $29.36 and a 12 month high of $84.85.

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

Globalstar Company Profile

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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