Magnus Financial Group LLC Has $13.98 Million Holdings in Globalstar, Inc. $GSAT

Magnus Financial Group LLC grew its position in Globalstar, Inc. (NASDAQ:GSAT) by 17.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 229,078 shares of the company’s stock after acquiring an additional 33,333 shares during the period. Globalstar accounts for approximately 1.1% of Magnus Financial Group LLC’s investment portfolio, making the stock its 22nd biggest position. Magnus Financial Group LLC owned 0.18% of Globalstar worth $13,983,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased 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. Greenhouse Funds LLLP grew its holdings in shares of Globalstar by 6.1% during the third quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after purchasing an additional 123,676 shares during the last quarter. Ashford Capital Management Inc. increased its stake in shares of Globalstar by 3.8% in the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after buying an additional 51,703 shares during the period. Geode Capital Management LLC increased its stake in shares of Globalstar by 1.6% in the second quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock valued at $30,019,000 after buying an additional 20,514 shares during the period. Finally, American Century Companies Inc. raised its holdings in Globalstar by 24.3% in the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock valued at $45,868,000 after buying an additional 246,123 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Insider Buying and Selling

In other news, CEO Paul E. Jacobs sold 714 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares of the company’s stock, valued at $3,992,425.92. This trade represents a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the transaction, the general counsel owned 143,348 shares in the company, valued at $8,215,273.88. The trade was a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,359 shares of company stock valued at $501,353 over the last 90 days. Company insiders own 61.00% of the company’s stock.

Wall Street Analyst Weigh In

GSAT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. Craig Hallum restated a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a report on Monday, March 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Down 4.6%

Shares of NASDAQ GSAT opened at $58.73 on Friday. The company’s 50 day moving average price is $60.47 and its 200-day moving average price is $54.50. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $74.88. The company has a market capitalization of $7.55 billion, a P/E ratio of -391.51, a price-to-earnings-growth ratio of 95.89 and a beta of 1.43.

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.