Renaissance Technologies LLC bought a new position in Globalstar, Inc. (NASDAQ:GSAT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 22,600 shares of the company's stock, valued at approximately $1,501,000.
Other large investors have also recently bought and sold shares of the company. LBP AM SA purchased a new position in shares of Globalstar in the 4th quarter valued at about $4,139,000. Dimensional Fund Advisors LP raised its holdings in shares of Globalstar by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company's stock worth $15,363,000 after acquiring an additional 16,009 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Globalstar in the 4th quarter valued at about $2,178,000. UBS Group AG lifted its stake in shares of Globalstar by 166.9% during the fourth quarter. UBS Group AG now owns 526,566 shares of the company's stock valued at $32,142,000 after buying an additional 329,270 shares during the period. Finally, Intrua Financial LLC acquired a new position in Globalstar in the fourth quarter valued at $714,000. 18.89% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts have commented on the company. Weiss Ratings upgraded Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Zacks Research upgraded Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a research report on Saturday, August 8th. Finally, Clear Str lowered Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Globalstar has an average rating of "Hold" and a consensus price target of $69.00.
View Our Latest Research Report on GSAT
Insider Buying and Selling at Globalstar
In related news, General Counsel L Barbee Iv Ponder sold 12,045 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45. Following the completion of the sale, the general counsel owned 131,303 shares in the company, valued at approximately $10,925,722.63. This represents a 8.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 920 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the completion of the sale, the chief financial officer directly owned 120,278 shares of the company's stock, valued at approximately $9,832,726.50. This represents a 0.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 74,396 shares of company stock valued at $6,197,877. 60.00% of the stock is owned by corporate insiders.
Globalstar Price Performance
Shares of NASDAQ GSAT opened at $83.22 on Thursday. The stock has a market cap of $10.78 billion, a P/E ratio of -163.18 and a beta of 1.58. The firm's 50-day simple moving average is $80.82 and its 200 day simple moving average is $73.80. Globalstar, Inc. has a fifty-two week low of $24.37 and a fifty-two week high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05.
Globalstar (NASDAQ:GSAT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million for the quarter. The business's revenue was down 3.5% on a year-over-year basis. Equities analysts expect that Globalstar, Inc. will post -0.38 EPS for the current year.
More Globalstar News
Here are the key news stories impacting Globalstar this week:
- Positive Sentiment: Institutional investors have continued building positions. Bank of New York Mellon acquired approximately $13.2 million of Globalstar shares in the second quarter, while Handelsbanken Fonder, Edgestream Partners and Janus Henderson also increased their holdings. Institutions own about 18.9% of the company.
- Neutral Sentiment: Reported short interest was zero shares as of August 11, indicating that short sellers are not a meaningful source of current trading pressure. However, the data also provides little indication of potential short-covering support.
- Negative Sentiment: Director Benjamin G. Wolff sold 32,711 shares for approximately $2.72 million on August 12 and another 24,000 shares for about $2.00 million on August 11, reducing his position by roughly 88.8% and 39.5%, respectively. General Counsel L. Barbee IV Ponder also sold 4,720 shares for $394,214 on August 11, following a 12,045-share sale worth approximately $1.00 million on August 7. The transactions could weigh on sentiment because they occurred while GSAT was trading near its 52-week high. Globalstar insider sale SEC filing
- Negative Sentiment: Globalstar’s latest quarterly results remain a fundamental concern: the company reported a $0.23 per-share loss versus the $0.09 consensus loss, revenue declined 3.5% year over year to $64.77 million, and analysts expect a full-year loss of $0.38 per share. The consensus analyst rating is “Hold,” with a $69 price target—well below the stock’s recent level—while Wall Street Zen recently assigned a “Sell” rating.
About Globalstar
(
Free Report)
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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