Lbp Am Sa Invests $4.14 Million in Globalstar, Inc. $GSAT

Key Points

• Lbp Am Sa purchased 67,806 shares of Globalstar during the fourth quarter, a new stake valued at approximately $4.14 million, representing about 0.05% of the company.
• Globalstar reported a quarterly loss of ($0.11) EPS, missing the $0.01 consensus while revenue rose 17.6% year‑over‑year to $71.96 million; the stock trades near its 12‑month high (~$80) with a market cap of $10.29 billion and a negative P/E of -533.43.
• Insiders have sold modestly (CFO sold 4,037 shares) but still own about 60% of the company, institutional ownership is ~18.9%, and analysts are mixed with an average "Hold" rating and a consensus target of $69.

Lbp Am Sa purchased a new position in Globalstar, Inc. (NASDAQ:GSAT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 67,806 shares of the company's stock, valued at approximately $4,139,000. Lbp Am Sa owned approximately 0.05% of Globalstar at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Globalstar by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company's stock worth $190,455,000 after purchasing an additional 141,451 shares in the last quarter. Greenhouse Funds LLLP lifted its stake in shares of Globalstar by 6.1% in the 3rd quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company's stock worth $78,209,000 after purchasing an additional 123,676 shares during the period. Ashford Capital Management Inc. lifted its stake in shares of Globalstar by 3.8% in the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company's stock worth $51,285,000 after purchasing an additional 51,703 shares during the period. American Century Companies Inc. lifted its stake in shares of Globalstar by 24.3% in the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company's stock worth $45,868,000 after purchasing an additional 246,123 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Globalstar by 75.8% in the 3rd quarter. Van ECK Associates Corp now owns 489,326 shares of the company's stock worth $17,807,000 after purchasing an additional 210,993 shares during the period. Institutional investors own 18.89% of the company's stock.

Globalstar Stock Down 0.0%

NASDAQ:GSAT opened at $80.02 on Friday. Globalstar, Inc. has a twelve month low of $17.24 and a twelve month high of $81.07. The company has a market cap of $10.29 billion, a price-to-earnings ratio of -533.43, a price-to-earnings-growth ratio of 130.66 and a beta of 1.46. The stock has a fifty day simple moving average of $64.27 and a 200-day simple moving average of $59.60. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings data on Friday, February 27th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.12). The firm had revenue of $71.96 million during the quarter, compared to the consensus estimate of $71.80 million. Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The business's quarterly revenue was up 17.6% compared to the same quarter last year.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 4,037 shares of Globalstar stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $79.85, for a total value of $322,354.45. Following the transaction, the chief financial officer owned 115,741 shares in the company, valued at $9,241,918.85. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the sale, the general counsel owned 143,348 shares in the company, valued at $8,215,273.88. The trade was a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,191 shares of company stock worth $560,400 over the last quarter. Insiders own 60.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GSAT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Globalstar in a research note on Monday, December 29th. Zacks Research raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 1st. Finally, Craig Hallum reissued a "buy" rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $69.00.

About Globalstar

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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