JT Stratford LLC Makes New Investment in Globalstar, Inc. $GSAT

JT Stratford LLC purchased a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 73,597 shares of the company’s stock, valued at approximately $2,678,000. JT Stratford LLC owned approximately 0.06% of Globalstar at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Broad Bay Capital Management LP purchased a new position in Globalstar in the 2nd quarter worth about $18,405,000. Marshall Wace LLP grew its stake in shares of Globalstar by 2,093.4% in the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock worth $18,315,000 after acquiring an additional 742,271 shares during the period. Senvest Management LLC grew its stake in shares of Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after acquiring an additional 452,624 shares during the period. Penserra Capital Management LLC raised its holdings in shares of Globalstar by 320.9% during the second quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock valued at $11,456,000 after purchasing an additional 370,943 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Globalstar by 39.5% during the second quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after purchasing an additional 287,163 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Price Performance

Shares of Globalstar stock opened at $61.30 on Thursday. The stock has a market cap of $7.88 billion, a P/E ratio of -408.64 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.46 and a current ratio of 2.42. The stock’s fifty day moving average is $61.32 and its 200 day moving average is $51.90. Globalstar, Inc. has a one year low of $17.24 and a one year high of $74.88.

Insider Transactions at Globalstar

In other news, CEO Paul E. Jacobs sold 845 shares of Globalstar stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total transaction of $55,601.00. Following the transaction, the chief executive officer directly owned 58,830 shares of the company’s stock, valued at $3,871,014. The trade was a 1.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the transaction, the general counsel owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This trade represents a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 16,305 shares of company stock valued at $976,100 over the last quarter. 61.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. B. Riley Financial increased their target price on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, Craig Hallum reissued a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research report on Monday. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Globalstar has an average 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.