Intrua Financial LLC Invests $714,000 in Globalstar, Inc. $GSAT

Intrua Financial LLC bought a new position in shares of Globalstar, Inc. (NASDAQ:GSAT) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 11,698 shares of the company’s stock, valued at approximately $714,000.

Other large investors have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Globalstar during the 3rd quarter worth approximately $713,000. Essex Investment Management Co. LLC acquired a new position in shares of Globalstar during the 3rd quarter worth approximately $7,072,000. JT Stratford LLC acquired a new position in shares of Globalstar during the 3rd quarter worth approximately $2,678,000. Vanguard Group Inc. raised its stake in shares of Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after buying an additional 141,451 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Globalstar by 24.3% during the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock worth $45,868,000 after buying an additional 246,123 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GSAT shares. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Craig Hallum reiterated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Finally, Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Down 0.3%

Shares of NASDAQ:GSAT opened at $81.71 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26. The business has a fifty day moving average of $72.47 and a two-hundred day moving average of $64.98. The stock has a market cap of $10.52 billion, a P/E ratio of -544.73 and a beta of 1.56. Globalstar, Inc. has a 52-week low of $17.76 and a 52-week high of $83.00.

Globalstar (NASDAQ:GSAT) last released 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 business 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 revenue was up 16.7% compared to the same quarter last year. On average, research analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Transactions at Globalstar

In other news, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $66,078.43. Following the completion of the transaction, the chief executive officer directly owned 61,080 shares in the company, valued at approximately $3,500,494.80. This represents a 1.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rebecca Clary sold 4,066 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $81.24, for a total value 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 represents a 3.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 12,257 shares of company stock worth $890,722. 60.00% of the stock is currently owned by company insiders.

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.