35,686 Shares in Globalstar, Inc. $GSAT Acquired by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D acquired a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 35,686 shares of the company’s stock, valued at approximately $2,178,000.

Several other hedge funds have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in Globalstar during the 1st quarter valued at about $99,000. Invesco Ltd. increased its holdings in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after purchasing an additional 3,462 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after purchasing an additional 2,331 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in shares of Globalstar by 28.4% during the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after purchasing an additional 3,334 shares during the period. Finally, Cannell Capital LLC lifted its holdings in shares of Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Globalstar

In related news, CEO Paul E. Jacobs sold 714 shares of the company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Rebecca Clary sold 4,066 shares of the 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 completion of the sale, the chief financial officer directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 12,257 shares of company stock valued at $890,722. Corporate insiders own 60.00% of the company’s stock.

Globalstar Stock Up 0.7%

Globalstar stock opened at $82.09 on Friday. The stock has a market capitalization of $10.56 billion, a PE ratio of -547.27, a price-to-earnings-growth ratio of 134.02 and a beta of 1.56. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $82.85. The business has a 50 day simple moving average of $69.50 and a 200-day simple moving average of $63.08. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.71%. The company had revenue of $70.06 million for the quarter. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, analysts anticipate that Globalstar, Inc. will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GSAT shares. Weiss Ratings upgraded shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Globalstar presently has a consensus rating of “Hold” and an average price target 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.