State of New Jersey Common Pension Fund D Purchases Shares of 35,686 Globalstar, Inc. $GSAT

Key Points

• State of New Jersey Common Pension Fund D opened a new position in Globalstar, buying 35,686 shares in the fourth quarter, worth about $2.18 million.
• Institutional interest in GSAT remains active, with firms like UBS Group, American Century, Van ECK, and Vanguard increasing their holdings; hedge funds and other institutions now own 18.89% of the stock.
• Analysts are mixed on Globalstar: the consensus rating is Hold with a $69 target price, while the stock recently traded up 0.7% to $82.09 and reported revenue growth of 16.7% despite missing quarterly EPS estimates.

State of New Jersey Common Pension Fund D bought a new position in Globalstar, Inc. (NASDAQ:GSAT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 35,686 shares of the company's stock, valued at approximately $2,178,000.

A number of other institutional investors have also bought and sold shares of GSAT. UBS Group AG boosted its stake in shares of Globalstar by 166.9% in the fourth quarter. UBS Group AG now owns 526,566 shares of the company's stock worth $32,142,000 after acquiring an additional 329,270 shares during the period. American Century Companies Inc. raised its stake in Globalstar by 24.3% during the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company's stock valued at $45,868,000 after purchasing an additional 246,123 shares during the period. Van ECK Associates Corp raised its stake in Globalstar by 75.8% during the 3rd quarter. Van ECK Associates Corp now owns 489,326 shares of the company's stock valued at $17,807,000 after purchasing an additional 210,993 shares during the period. Essex Investment Management Co. LLC purchased a new position in Globalstar in the 3rd quarter worth approximately $7,072,000. Finally, Vanguard Group Inc. lifted its holdings 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. Hedge funds and other institutional investors own 18.89% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GSAT shares. Craig Hallum reiterated a "buy" rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Weiss Ratings upgraded shares of Globalstar from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. Finally, Zacks Research raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $69.00.

Globalstar Trading Up 0.7%

Shares of NASDAQ GSAT opened at $82.09 on Friday. Globalstar, Inc. has a 1-year low of $17.24 and a 1-year high of $82.85. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. The business's 50 day moving average is $69.50 and its two-hundred day moving average is $63.08. The stock has a market capitalization of $10.56 billion, a P/E ratio of -547.27, a PEG ratio of 134.02 and a beta of 1.56.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.71% and a negative net margin of 6.84%.The firm had revenue of $70.06 million for the quarter. Globalstar's revenue was up 16.7% compared to the same quarter last year. As a group, research analysts expect that Globalstar, Inc. will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the sale, the general counsel owned 143,348 shares of the company's stock, valued at approximately $8,215,273.88. This represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $66,078.43. Following the sale, the chief executive officer directly owned 61,080 shares in the company, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,257 shares of company stock worth $890,722 in the last three months. Corporate insiders own 60.00% of the company's stock.

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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