American Century Companies Inc. Has $45.87 Million Stake in Globalstar, Inc. $GSAT

American Century Companies Inc. boosted its stake in Globalstar, Inc. (NASDAQ:GSAT) by 24.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,260,459 shares of the company’s stock after buying an additional 246,123 shares during the quarter. American Century Companies Inc.’s holdings in Globalstar were worth $45,868,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its position in shares of Globalstar by 2.2% during the third quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock valued at $896,000 after purchasing an additional 540 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Globalstar by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock worth $2,616,000 after buying an additional 546 shares in the last quarter. Cannell Capital LLC boosted its stake in shares of Globalstar by 1.1% in the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after buying an additional 580 shares during the last quarter. CWM LLC boosted its stake in shares of Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after buying an additional 664 shares during the last quarter. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Globalstar by 7.4% in the third quarter. KLP Kapitalforvaltning AS now owns 10,120 shares of the company’s stock valued at $368,000 after acquiring an additional 700 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Insider Activity at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the transaction, the general counsel directly owned 135,568 shares in the company, valued at approximately $8,326,586.56. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 4,829 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $56.64, for a total transaction of $273,514.56. Following the completion of the sale, the chief financial officer owned 106,992 shares of the company’s stock, valued at approximately $6,060,026.88. The trade was a 4.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,305 shares of company stock valued at $976,100 over the last 90 days. 61.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GSAT has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Craig Hallum reiterated a “buy” rating and set a $70.00 target price on shares of Globalstar in a research note on Monday. B. Riley Financial boosted their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective for the company. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Down 5.0%

Shares of NASDAQ:GSAT opened at $56.44 on Friday. The firm has a fifty day moving average price of $61.12 and a two-hundred day moving average price of $52.16. The company has a market cap of $7.26 billion, a price-to-earnings ratio of -376.24, a PEG ratio of 97.00 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.46. Globalstar, Inc. has a one year low of $17.24 and a one year high of $74.88.

About Globalstar

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.