SG Americas Securities LLC Decreases Holdings in Globalstar, Inc. $GSAT

SG Americas Securities LLC reduced its stake in Globalstar, Inc. (NASDAQ:GSAT) by 42.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,383 shares of the company’s stock after selling 12,103 shares during the period. SG Americas Securities LLC’s holdings in Globalstar were worth $1,088,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in GSAT. Fund Advisors of America Inc FL purchased a new stake in shares of Globalstar in the fourth quarter worth about $357,000. Corient Private Wealth LLC acquired a new stake in shares of Globalstar in the fourth quarter valued at about $365,000. Pure Financial Advisors LLC purchased a new stake in shares of Globalstar during the 4th quarter valued at about $221,000. Virtu Financial LLC purchased a new stake in shares of Globalstar during the 4th quarter valued at about $288,000. Finally, Invesco Ltd. lifted its position in Globalstar by 136.6% during the 4th quarter. Invesco Ltd. now owns 83,672 shares of the company’s stock worth $5,107,000 after acquiring an additional 48,311 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Rebecca Clary sold 4,066 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total value of $330,321.84. Following the completion of the sale, the chief financial officer owned 121,198 shares of the company’s stock, valued at approximately $9,846,125.52. The trade was a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 9,023 shares of company stock worth $727,886. 60.00% of the stock is owned by company insiders.

Globalstar Stock Performance

Globalstar stock opened at $80.39 on Friday. The stock has a market cap of $10.35 billion, a P/E ratio of -535.93 and a beta of 1.55. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The stock has a 50 day moving average of $81.65 and a 200-day moving average of $70.10. Globalstar, Inc. has a 52 week low of $22.35 and a 52 week high of $84.69.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The company had revenue of $70.06 million during the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.Globalstar’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts expect that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GSAT has been the subject of a number of analyst reports. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Zacks Research cut shares of 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 given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $69.00.

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.