Senvest Management LLC Has $57.72 Million Position in Globalstar, Inc. $GSAT

Senvest Management LLC lifted its holdings in Globalstar, Inc. (NASDAQ:GSAT) by 27.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 868,946 shares of the company’s stock after buying an additional 188,325 shares during the period. Globalstar comprises approximately 1.9% of Senvest Management LLC’s portfolio, making the stock its 23rd biggest position. Senvest Management LLC owned about 0.67% of Globalstar worth $57,715,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar during the fourth quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar during the 4th quarter worth about $27,000. US Bancorp DE grew its stake in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares in the last quarter. NewEdge Advisors LLC grew its stake in Globalstar by 85.1% during the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after acquiring an additional 430 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Globalstar in the 4th quarter valued at about $61,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Buying and Selling

In related 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 transaction of $330,321.84. Following the transaction, the chief financial officer owned 121,198 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 60.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GSAT. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Globalstar has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Stock Performance

Shares of NASDAQ GSAT opened at $78.93 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. Globalstar, Inc. has a one year low of $22.35 and a one year high of $84.69. The business’s 50-day moving average price is $81.00 and its two-hundred day moving average price is $71.91. The company has a market capitalization of $10.17 billion, a P/E ratio of -526.20 and a beta of 1.55.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The firm had revenue of $70.06 million for the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.Globalstar’s quarterly revenue was up 16.7% compared to the same quarter last year. Analysts anticipate that Globalstar, Inc. will post -0.38 earnings per share 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.