Commonwealth of Pennsylvania Public School Empls Retrmt SYS Takes Position in Globalstar, Inc. $GSAT

Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 71,896 shares of the company’s stock, valued at approximately $4,389,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned 0.06% of Globalstar at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. US Bancorp DE boosted its holdings in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the period. International Assets Investment Management LLC purchased a new stake in Globalstar during the 4th quarter valued at about $61,000. Advisory Services Network LLC purchased a new stake in Globalstar during the 3rd quarter valued at about $40,000. Rialto Wealth Management LLC boosted its holdings in Globalstar by 519.9% during the 4th quarter. Rialto Wealth Management LLC now owns 1,246 shares of the company’s stock valued at $76,000 after acquiring an additional 1,045 shares during the period. Finally, Clearstead Trust LLC purchased a new stake in Globalstar during the 3rd quarter valued at about $64,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Paul E. Jacobs sold 1,153 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $66,078.43. Following the completion of the transaction, the chief executive officer owned 61,080 shares in the company, valued at $3,500,494.80. This trade represents a 1.85% 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 682 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the transaction, the general counsel owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,257 shares of company stock worth $890,722 in the last quarter. 60.00% of the stock is owned by company insiders.

Globalstar Trading Down 1.3%

GSAT opened at $81.60 on Thursday. The stock has a market cap of $10.51 billion, a PE ratio of -544.00 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 has a 50 day moving average of $78.30 and a 200-day moving average of $67.50. Globalstar, Inc. has a 52 week low of $18.81 and a 52 week high of $84.69.

Globalstar (NASDAQ:GSAT) last released its earnings results 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 was up 16.7% on a year-over-year basis. Equities research analysts predict that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Craig Hallum restated a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Globalstar has a consensus rating of “Hold” and an average price target of $69.00.

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.