Van ECK Associates Corp Has $17.81 Million Stake in Globalstar, Inc. $GSAT

Van ECK Associates Corp grew its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 75.8% in the third quarter, HoldingsChannel.com reports. The firm owned 489,326 shares of the company’s stock after purchasing an additional 210,993 shares during the period. Van ECK Associates Corp’s holdings in Globalstar were worth $17,807,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of GSAT. Broad Bay Capital Management LP bought a new position in shares of Globalstar in the second quarter valued at approximately $18,405,000. Marshall Wace LLP grew its holdings in Globalstar by 2,093.4% during the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock worth $18,315,000 after buying an additional 742,271 shares in the last quarter. Senvest Management LLC grew its holdings in Globalstar by 51.6% during the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after buying an additional 452,624 shares in the last quarter. American Century Companies Inc. raised its position in Globalstar by 39.5% in the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after buying an additional 287,163 shares during the last quarter. Finally, Greenhouse Funds LLLP raised its position in Globalstar by 11.6% in the 2nd quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock valued at $47,701,000 after buying an additional 209,825 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Performance

GSAT stock traded up $0.59 during midday trading on Friday, hitting $57.70. The company’s stock had a trading volume of 98,654 shares, compared to its average volume of 621,040. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of -383.12, a PEG ratio of 94.02 and a beta of 1.43. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The stock’s 50-day moving average price is $60.84 and its 200 day moving average price is $53.04. Globalstar, Inc. has a 1 year low of $17.24 and a 1 year high of $74.88.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft began coverage on shares of Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Craig Hallum restated a “buy” rating and set a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Finally, Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Globalstar has an average rating of “Hold” and a consensus target price of $69.00.

Insider Buying and Selling

In related news, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $66,078.43. Following the completion of the transaction, the chief executive officer owned 61,080 shares in the company, valued at approximately $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the firm’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the sale, the general counsel owned 135,568 shares of the company’s stock, valued at $8,326,586.56. This trade represents a 0.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 17,303 shares of company stock valued at $1,005,856. 61.00% of the stock is owned by 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.