Globalstar, Inc. $GSAT Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC reduced its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 73.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 18,995 shares of the company’s stock after selling 52,885 shares during the period. HighTower Advisors LLC’s holdings in Globalstar were worth $1,159,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Intrua Financial LLC acquired a new stake in Globalstar during the 4th quarter worth about $714,000. AMJ Financial Wealth Management grew its position in Globalstar by 213.9% during the 4th quarter. AMJ Financial Wealth Management now owns 33,946 shares of the company’s stock worth $2,072,000 after purchasing an additional 23,133 shares during the period. Pinnacle Associates Ltd. acquired a new stake in Globalstar during the 4th quarter worth about $326,000. Pure Financial Advisors LLC acquired a new stake in Globalstar during the 4th quarter worth about $221,000. Finally, International Assets Investment Management LLC acquired a new stake in Globalstar during the 4th quarter worth about $61,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GSAT. Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Two equities 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $69.00.

Insider Activity

In other news, CFO Rebecca Clary sold 920 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00. Following the sale, the chief financial officer directly owned 120,278 shares in the company, valued at $9,832,726.50. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Paul E. Jacobs sold 714 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the sale, the chief executive officer owned 67,032 shares in the company, valued at $3,992,425.92. This trade represents a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,177 shares of company stock worth $965,932 in the last ninety days. Company insiders own 60.00% of the company’s stock.

Globalstar Price Performance

NASDAQ:GSAT opened at $82.66 on Friday. Globalstar, Inc. has a 52 week low of $19.27 and a 52 week high of $84.69. 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 stock has a market capitalization of $10.65 billion, a PE ratio of -551.08 and a beta of 1.55. The stock’s 50-day moving average price is $78.74 and its 200-day moving average price is $67.64.

Globalstar (NASDAQ:GSAT) last posted 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). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The business had revenue of $70.06 million for the quarter. The business’s revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts expect that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

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.