73,597 Shares in Globalstar, Inc. $GSAT Bought by JT Stratford LLC

JT Stratford LLC purchased a new position in Globalstar, Inc. (NASDAQ:GSAT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 73,597 shares of the company’s stock, valued at approximately $2,678,000.

Several other large investors have also made changes to their positions in the business. Acadian Asset Management LLC bought a new position in shares of Globalstar in the first quarter worth about $99,000. Y Intercept Hong Kong Ltd bought a new stake in Globalstar during the 2nd quarter valued at approximately $343,000. Penserra Capital Management LLC lifted its holdings in Globalstar by 320.9% in the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock worth $11,456,000 after purchasing an additional 370,943 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Globalstar in the 2nd quarter worth approximately $385,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Globalstar during the 2nd quarter valued at approximately $314,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Globalstar Price Performance

Globalstar stock opened at $61.30 on Thursday. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $74.88. The company has a quick ratio of 2.46, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The firm’s fifty day moving average is $61.32 and its 200 day moving average is $51.90. The company has a market cap of $7.88 billion, a price-to-earnings ratio of -408.64 and a beta of 1.43.

Wall Street Analyst Weigh In

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. B. Riley Financial lifted their price target on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Globalstar presently has a consensus rating of “Hold” and a consensus price target of $69.00.

Insider Activity

In related news, CFO Rebecca Clary sold 1,260 shares of the stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the sale, the chief financial officer directly owned 108,123 shares of the company’s stock, valued at $6,640,914.66. This represents a 1.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the sale, the general counsel directly owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This trade represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,305 shares of company stock worth $976,100. 61.00% of the stock is currently owned by corporate insiders.

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.