Globalstar, Inc. $GSAT is Ashford Capital Management Inc.’s Largest Position

Ashford Capital Management Inc. lowered its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 29.1% in the fourth quarter, Holdings Channel reports. The firm owned 998,995 shares of the company’s stock after selling 410,326 shares during the period. Globalstar accounts for about 6.8% of Ashford Capital Management Inc.’s investment portfolio, making the stock its largest position. Ashford Capital Management Inc.’s holdings in Globalstar were worth $60,979,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Globalstar during the fourth quarter worth about $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar during the fourth quarter worth about $27,000. US Bancorp DE increased its stake in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Globalstar during the third quarter worth about $40,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Globalstar during the fourth quarter worth about $61,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

NASDAQ:GSAT opened at $79.75 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of -531.67 and a beta of 1.55. The company’s 50-day moving average is $80.81 and its two-hundred day moving average is $68.86. Globalstar, Inc. has a 1-year low of $22.35 and a 1-year high of $84.69.

Globalstar (NASDAQ:GSAT) last posted its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate 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%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. Analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Activity

In other news, CFO Rebecca Clary sold 4,066 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total value of $330,321.84. Following the transaction, the chief financial officer directly owned 121,198 shares in the company, valued at approximately $9,846,125.52. This represents a 3.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 714 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $59.56, for a total transaction of $42,525.84. Following the completion of the transaction, the chief executive officer owned 67,032 shares in the company, valued at approximately $3,992,425.92. This represents a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,737 shares of company stock worth $770,412 over the last quarter. 60.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Finally, Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Globalstar presently has an average rating of “Hold” and a consensus price target of $69.00.

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.