Globalstar, Inc. $GSAT Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB cut its position in Globalstar, Inc. (NASDAQ:GSAT) by 15.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 112,668 shares of the company’s stock after selling 21,117 shares during the quarter. Nordea Investment Management AB owned about 0.09% of Globalstar worth $6,953,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GSAT. Greenhouse Funds LLLP grew its holdings in Globalstar by 11.6% in the 2nd quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock worth $47,701,000 after buying an additional 209,825 shares in the last quarter. SG Americas Securities LLC bought a new stake in Globalstar during the 3rd quarter valued at $713,000. Essex Investment Management Co. LLC bought a new stake in Globalstar during the 3rd quarter valued at $7,072,000. JT Stratford LLC acquired a new position in Globalstar during the 3rd quarter worth $2,678,000. Finally, American Century Companies Inc. boosted its position in Globalstar by 39.5% during the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock worth $23,888,000 after acquiring an additional 287,163 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Craig Hallum reissued a “buy” rating and set a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given 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.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 1,260 shares of the business’s stock in a transaction on Monday, December 29th. The shares were sold at an average price of $61.42, for a total transaction 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. The trade was a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $66,078.43. Following the completion of the sale, the chief executive officer owned 61,080 shares of the company’s stock, valued at $3,500,494.80. The trade was a 1.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 7,519 shares of company stock valued at $448,425. Company insiders own 61.00% of the company’s stock.

Globalstar Price Performance

NASDAQ GSAT opened at $60.28 on Friday. The stock’s 50-day moving average price is $60.37 and its two-hundred day moving average price is $55.21. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The company has a market cap of $7.75 billion, a PE ratio of -401.84, a PEG ratio of 110.01 and a beta of 1.43. Globalstar, Inc. has a 1 year low of $17.24 and a 1 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.