Sculptor Capital LP Buys Shares of 237,000 Globalstar, Inc. $GSAT

Sculptor Capital LP purchased a new position in Globalstar, Inc. (NASDAQ:GSAT) in the first quarter, HoldingsChannel reports. The institutional investor purchased 237,000 shares of the company’s stock, valued at approximately $15,742,000.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in shares of Globalstar by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock valued at $1,733,000 after buying an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC grew its position in Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after acquiring an additional 160 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Globalstar by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after acquiring an additional 248 shares in the last quarter. Clearstead Trust LLC increased its stake in Globalstar by 20.7% in the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock valued at $130,000 after acquiring an additional 366 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in Globalstar during the fourth quarter valued at about $26,000. Institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Globalstar

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 stock was sold at an average price of $81.24, for a total transaction of $330,321.84. Following the transaction, the chief financial officer directly owned 121,198 shares in the company, valued at $9,846,125.52. This trade represents a 3.25% decrease in their position. The transaction 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. 60.00% of the stock is currently owned by insiders.

Globalstar Stock Performance

NASDAQ GSAT opened at $78.93 on Monday. The company has a 50-day simple moving average of $81.00 and a two-hundred day simple moving average of $71.97. Globalstar, Inc. has a 12-month low of $22.35 and a 12-month high of $84.69. The firm has a market cap of $10.17 billion, a price-to-earnings ratio of -526.20 and a beta of 1.55. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.26.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The company had revenue of $70.06 million during the quarter. The company’s quarterly revenue was up 16.7% on a year-over-year basis. On average, equities analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current year.

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.