Globalstar, Inc. $GSAT Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System lifted its position in shares of Globalstar, Inc. (NASDAQ:GSAT) by 23.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,572 shares of the company’s stock after buying an additional 11,488 shares during the period. California State Teachers Retirement System’s holdings in Globalstar were worth $3,957,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar during the fourth quarter worth approximately $27,000. US Bancorp DE grew its stake in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Globalstar in the third quarter worth $40,000. Finally, NewEdge Advisors LLC increased its position in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Up 0.2%

GSAT opened at $83.40 on Friday. The stock’s 50 day moving average price is $80.74 and its 200 day moving average price is $73.25. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The stock has a market cap of $10.74 billion, a P/E ratio of -163.53 and a beta of 1.58. Globalstar, Inc. has a 12 month low of $24.37 and a 12 month high of $84.85.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The company had revenue of $64.77 million for the quarter. Globalstar had a negative return on equity of 15.93% and a negative net margin of 22.25%.The business’s quarterly revenue was down 3.5% compared to the same quarter last year. As a group, research analysts predict that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at Globalstar

In related news, CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the transaction, the chief financial officer directly owned 120,278 shares in the company, valued at $9,832,726.50. The trade was a 0.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 60.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research note on Saturday. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Company 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.