HighMark Wealth Management LLC Has $68,000 Holdings in Globalstar, Inc. $GSAT

Key Points

• HighMark Wealth Management LLC reduced its holdings in Globalstar, Inc. (GSAT) by 69.7% in Q2, owning 2,900 shares worth $68,000 after selling 6,666 shares.
• Globalstar recently reported earnings of $0.13 EPS, exceeding expectations, and has set FY 2025 guidance, despite a negative net margin and return on equity.
• Insider transactions include the CFO and CEO selling significant shares, which reflects a 47.59% ownership reduction for the CEO, with 61% of stock currently owned by insiders.

HighMark Wealth Management LLC trimmed its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 69.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,900 shares of the company's stock after selling 6,666 shares during the period. HighMark Wealth Management LLC's holdings in Globalstar were worth $68,000 at the end of the most recent quarter.

Separately, Acadian Asset Management LLC bought a new stake in shares of Globalstar in the 1st quarter valued at about $99,000. 18.89% of the stock is currently owned by institutional investors.

Globalstar Trading Up 2.8%

Shares of GSAT opened at $40.27 on Friday. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The stock's 50 day simple moving average is $29.89. The company has a market capitalization of $5.10 billion, a PE ratio of -89.49 and a beta of 0.99. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.81 and a quick ratio of 2.72.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced 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 net margin of 17.80% and a negative return on equity of 1.17%. Globalstar has set its FY 2025 guidance at EPS.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GSAT. Zacks Research raised shares of Globalstar to a "strong-buy" rating in a report on Monday, August 11th. Wall Street Zen raised shares of Globalstar from a "sell" rating to a "hold" rating in a report on Monday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock has an average rating of "Strong Buy".

Insider Transactions at Globalstar

In other news, CFO Rebecca Clary sold 5,359 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $29.75, for a total transaction of $159,430.25. Following the transaction, the chief financial officer directly owned 107,761 shares of the company's stock, valued at approximately $3,205,889.75. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul E. Jacobs sold 53,479 shares of the firm's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $34.95, for a total transaction of $1,869,091.05. Following the transaction, the chief executive officer directly owned 58,895 shares in the company, valued at $2,058,380.25. This represents a 47.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,605 shares of company stock valued at $3,758,155. 61.00% of the stock is currently owned by company insiders.

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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