Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires New Stake in Globalstar, Inc. $GSAT

Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 71,896 shares of the company’s stock, valued at approximately $4,389,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GSAT. US Bancorp DE increased its position in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares in the last quarter. Advisory Services Network LLC bought a new position in Globalstar during the 3rd quarter valued at approximately $40,000. International Assets Investment Management LLC bought a new position in Globalstar during the 4th quarter valued at approximately $61,000. Jones Financial Companies Lllp increased its position in Globalstar by 146.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,841 shares of the company’s stock valued at $63,000 after buying an additional 1,093 shares in the last quarter. Finally, Clearstead Trust LLC bought a new position in Globalstar during the 3rd quarter valued at approximately $64,000. Institutional investors own 18.89% of the company’s stock.

Insider Buying and Selling

In related news, CFO Rebecca Clary sold 4,066 shares of Globalstar stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the sale, the chief financial officer owned 121,198 shares of the company’s stock, valued at $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer directly owned 67,032 shares of the company’s stock, valued at $3,992,425.92. The trade was a 1.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,257 shares of company stock valued at $890,722 over the last 90 days. Company insiders own 60.00% of the company’s stock.

Globalstar Stock Down 1.3%

Globalstar stock opened at $81.60 on Thursday. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. Globalstar, Inc. has a 12 month low of $18.81 and a 12 month high of $84.69. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of -544.00 and a beta of 1.55. The stock has a fifty day simple moving average of $78.30 and a two-hundred day simple moving average of $67.50.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The firm had revenue of $70.06 million during the quarter. Globalstar’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts predict that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Analyst Ratings Changes

GSAT has been the subject of a number of research analyst reports. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. 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 research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.