Globalstar, Inc. $GSAT Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC decreased its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 42.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Globalstar in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. bought a new stake in shares of Globalstar during the 4th quarter valued at about $27,000. US Bancorp DE raised its stake in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the period. Advisory Services Network LLC acquired a new stake in Globalstar during the third quarter worth about $40,000. Finally, NewEdge Advisors LLC lifted its holdings in Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the firm’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 sale, the chief financial officer owned 121,198 shares in the company, valued at approximately $9,846,125.52. This trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 9,023 shares of company stock valued at $727,886. 60.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GSAT shares. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Finally, Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Price Performance

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

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data 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 business’s quarterly 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 earnings per share for the current 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.