Anson Funds Management LP Sells 125,000 Shares of Globalstar, Inc. $GSAT

Anson Funds Management LP reduced its position in Globalstar, Inc. (NASDAQ:GSAT) by 45.5% during the third quarter, HoldingsChannel.com reports. The firm owned 150,000 shares of the company’s stock after selling 125,000 shares during the period. Anson Funds Management LP’s holdings in Globalstar were worth $5,458,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of GSAT. US Bancorp DE grew 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 valued at $34,000 after buying an additional 800 shares during the last quarter. Fortitude Family Office LLC bought a new stake in shares of Globalstar during the 3rd quarter worth approximately $37,000. Dakota Community Bank & Trust NA purchased a new position in Globalstar during the 3rd quarter valued at $46,000. CWM LLC boosted its holdings in Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after acquiring an additional 664 shares during the period. Finally, Jones Financial Companies Lllp grew its position in Globalstar by 146.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,841 shares of the company’s stock valued at $63,000 after acquiring an additional 1,093 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Activity at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the stock in a transaction on Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the sale, the general counsel owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul E. Jacobs sold 1,153 shares of Globalstar 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 transaction, the chief executive officer owned 61,080 shares in the company, valued at $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,303 shares of company stock valued at $1,005,856 over the last ninety days. 61.00% of the stock is owned by company insiders.

Globalstar Trading Up 2.7%

NASDAQ GSAT opened at $58.68 on Friday. Globalstar, Inc. has a one year low of $17.24 and a one year high of $74.88. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of -391.17, a price-to-earnings-growth ratio of 95.80 and a beta of 1.43. The company’s 50-day simple moving average is $60.74 and its two-hundred day simple moving average is $53.44.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GSAT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target on the stock. Finally, Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. 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 stock. According to data from MarketBeat.com, Globalstar has a consensus rating of “Hold” and a consensus target price 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.