237,000 Shares in Globalstar, Inc. $GSAT Purchased by Sculptor Capital LP

Sculptor Capital LP acquired a new stake in Globalstar, Inc. (NASDAQ:GSAT) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 237,000 shares of the company’s stock, valued at approximately $15,742,000. Sculptor Capital LP owned 0.18% of Globalstar as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Globalstar during the fourth quarter worth about $26,000. Meeder Asset Management Inc. bought a new stake in shares of Globalstar in the fourth quarter valued at approximately $27,000. US Bancorp DE raised its position in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Globalstar during the 3rd quarter valued at approximately $40,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Globalstar by 85.1% during the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after buying an additional 430 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GSAT has been the subject of a number of recent research reports. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Performance

Shares of GSAT opened at $78.93 on Monday. Globalstar, Inc. has a twelve month low of $22.35 and a twelve month high of $84.69. The stock has a market cap of $10.17 billion, a PE ratio of -526.20 and a beta of 1.55. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The business’s 50-day moving average price is $81.00 and its 200-day moving average price is $71.97.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The firm had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. Globalstar’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Rebecca Clary sold 4,066 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84. Following the completion of the transaction, the chief financial officer directly owned 121,198 shares in the company, valued at $9,846,125.52. The trade was a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 60.00% of the stock is currently owned by insiders.

Globalstar Company 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.