Public Employees Retirement System of Ohio Invests $1.19 Million in Globalstar, Inc. $GSAT

Key Points

• Ohio’s public employees’ retirement system acquired 14,682 Globalstar shares worth approximately $1.19 million in the second quarter. Institutional investors collectively own 18.89% of GSAT.
• Globalstar reported quarterly revenue of $64.77 million, down 3.5% year over year, while its loss of $0.23 per share missed analysts’ expectations of a $0.09 loss.
• Insiders sold heavily over the past three months, offloading 322,572 shares worth $26.6 million. Analyst sentiment is largely neutral, with an average “Hold” rating and a $75.67 price target versus the stock’s $82.22 opening price.

Public Employees Retirement System of Ohio acquired a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 14,682 shares of the company's stock, valued at approximately $1,194,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar in the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar during the fourth quarter valued at about $27,000. Optiver Holding B.V. bought a new position in shares of Globalstar during the first quarter valued at about $32,000. US Bancorp DE lifted its stake in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company's stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Globalstar during the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 18.89% of the company's stock.

Insiders Place Their Bets

In related news, General Counsel L. Ponder, IV sold 12,045 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $83.21, for a total value of $1,002,264.45. Following the transaction, the general counsel directly owned 131,303 shares of the company's stock, valued at approximately $10,925,722.63. This represents a 8.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Timothy Taylor sold 75,000 shares of Globalstar stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $83.15, for a total value of $6,236,250.00. Following the completion of the sale, the vice president directly owned 245,244 shares of the company's stock, valued at approximately $20,392,038.60. The trade was a 23.42% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 322,572 shares of company stock valued at $26,618,486. 60.00% of the stock is owned by company insiders.

Globalstar Trading Down 0.1%

NASDAQ GSAT opened at $82.22 on Wednesday. Globalstar, Inc. has a 12 month low of $29.36 and a 12 month high of $84.85. 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 stock's fifty day moving average price is $81.36 and its 200-day moving average price is $76.70. The stock has a market cap of $10.65 billion, a P/E ratio of -161.22 and a beta of 1.51.

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

Wall Street Analyst Weigh In

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

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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