Strs Ohio Invests $543,000 in Globalstar, Inc. $GSAT

Strs Ohio bought a new position in shares of Globalstar, Inc. (NASDAQ:GSAT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,900 shares of the company’s stock, valued at approximately $543,000.

Several other institutional investors have also added to or reduced their stakes in GSAT. US Bancorp DE boosted its stake in Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares during the period. Advisory Services Network LLC bought a new stake in Globalstar in the 3rd quarter valued at $40,000. Rialto Wealth Management LLC boosted its stake in Globalstar by 519.9% in the 4th quarter. Rialto Wealth Management LLC now owns 1,246 shares of the company’s stock valued at $76,000 after purchasing an additional 1,045 shares during the period. CWM LLC boosted its stake in Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after purchasing an additional 664 shares during the period. Finally, Clearstead Trust LLC bought a new stake in Globalstar in the 3rd quarter valued at $64,000. 18.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings upgraded Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Globalstar has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Stock Performance

NASDAQ:GSAT opened at $82.09 on Friday. The stock has a fifty day moving average price of $69.50 and a 200-day moving average price of $63.08. The company has a market cap of $10.56 billion, a price-to-earnings ratio of -547.27, a PEG ratio of 134.02 and a beta of 1.56. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $82.85.

Globalstar (NASDAQ:GSAT) last released its 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 company had revenue of $70.06 million for the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.71%. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Globalstar, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the sale, the general counsel directly owned 143,348 shares in the company, valued at approximately $8,215,273.88. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Paul E. Jacobs sold 714 shares of the company’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the sale, the chief executive officer owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 12,257 shares of company stock worth $890,722. 60.00% of the stock is currently owned by company insiders.

Globalstar 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.