Governors Lane LP Invests $3.02 Million in Globalstar, Inc. $GSAT

Governors Lane LP acquired a new position in Globalstar, Inc. (NASDAQ:GSAT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 37,100 shares of the company’s stock, valued at approximately $3,016,000.

Several other large investors also recently added to or reduced their stakes in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar during the fourth quarter worth about $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar in the 4th quarter valued at about $27,000. Optiver Holding B.V. bought a new stake in shares of Globalstar during the 1st quarter valued at about $32,000. US Bancorp DE boosted its position in shares of 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 during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Globalstar during the third quarter worth about $40,000. Institutional investors own 18.89% of the company’s stock.

Insider Transactions at Globalstar

In other news, VP Timothy Taylor sold 75,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the completion of the sale, the vice president owned 245,244 shares of the company’s stock, valued at approximately $20,392,038.60. This represents a 23.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Lynch sold 110,000 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the transaction, the director directly owned 712,714 shares in the company, valued at approximately $58,285,750.92. This represents a 13.37% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 322,572 shares of company stock worth $26,618,486. Corporate insiders own 60.00% of the company’s stock.

Wall Street Analysts Forecast Growth

GSAT has been the topic of several research analyst reports. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Craig Hallum cut shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a research note on Tuesday, August 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Globalstar in a report on Wednesday, September 2nd. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. Finally, Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Globalstar currently has a consensus rating of “Hold” and an average target price of $75.67.

Globalstar Price Performance

Shares of Globalstar stock opened at $82.22 on Wednesday. The firm has a market capitalization of $10.65 billion, a PE ratio of -161.22 and a beta of 1.51. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. Globalstar, Inc. has a 12 month low of $29.36 and a 12 month high of $84.85. The business’s 50-day moving average price is $81.36 and its 200-day moving average price is $76.70.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The firm had revenue of $64.77 million during the quarter. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. Sell-side analysts forecast that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

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.