Sei Investments Co. Buys 15,101 Shares of Globalstar, Inc. $GSAT

Key Points

• Sei Investments increased its Globalstar stake by 46.5% in the first quarter, purchasing 15,101 shares and bringing its holdings to 47,599 shares valued at approximately $3.16 million. Institutional investors and hedge funds collectively own 18.89% of GSAT.
• Globalstar’s stock opened at $83.40, near its 52-week high of $84.85, but the company reported a quarterly loss of $0.23 per share—worse than the expected $0.09 loss—while revenue fell 3.5% year over year to $64.77 million.
• Analyst sentiment remains cautious, with GSAT carrying a consensus “Hold” rating and a $69 average price target. Meanwhile, CFO Rebecca Clary sold 920 shares under a pre-arranged Rule 10b5-1 plan, though insiders still own 60% of the company.

Sei Investments Co. boosted its position in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 47,599 shares of the company's stock after buying an additional 15,101 shares during the quarter. Sei Investments Co.'s holdings in Globalstar were worth $3,162,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. lifted its stake in shares of Globalstar by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock valued at $1,733,000 after purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC grew its stake in shares of Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock worth $241,000 after purchasing an additional 160 shares during the period. Clearstead Trust LLC grew its stake in shares of Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock worth $130,000 after purchasing an additional 366 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in Globalstar in the fourth quarter valued at about $26,000. Finally, NewEdge Advisors LLC increased its holdings in Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company's stock valued at $57,000 after purchasing an additional 430 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 920 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total transaction of $75,210.00. Following the sale, the chief financial officer directly owned 120,278 shares in the company, valued at approximately $9,832,726.50. This trade represents a 0.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.00% of the company's stock.

Globalstar Stock Up 0.2%

NASDAQ:GSAT opened at $83.40 on Friday. Globalstar, Inc. has a 1 year low of $24.37 and a 1 year high of $84.85. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of -163.53 and a beta of 1.58. The stock has a 50-day moving average price of $80.74 and a two-hundred day moving average price of $73.25.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 15.93% and a negative net margin of 22.25%.The business had revenue of $64.77 million for the quarter. The company's revenue for the quarter was down 3.5% on a year-over-year basis. As a group, equities analysts expect that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GSAT shares. Clear Str cut Globalstar from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Zacks Research raised Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a research report on Saturday. Finally, Weiss Ratings upgraded shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Globalstar currently has an average rating of "Hold" and a consensus price target of $69.00.

Globalstar 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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