Public Employees Retirement System of Ohio Takes $1.19 Million Position in Globalstar, Inc. $GSAT

Public Employees Retirement System of Ohio acquired a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT) during the second quarter, HoldingsChannel reports. The fund acquired 14,682 shares of the company’s stock, valued at approximately $1,194,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new stake in Globalstar during the 1st quarter valued at $99,000. Invesco Ltd. grew its holdings in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after acquiring an additional 3,462 shares during the period. BNP Paribas Financial Markets increased its position in Globalstar by 80.9% during the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after acquiring an additional 2,331 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after acquiring an additional 3,334 shares during the period. Finally, Cannell Capital LLC boosted its position in Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Trading Down 0.1%

Shares of NASDAQ:GSAT opened at $82.22 on Wednesday. Globalstar, Inc. has a 12-month low of $29.36 and a 12-month high of $84.85. The company has a market cap of $10.65 billion, a PE ratio of -161.22 and a beta of 1.51. The stock has a 50 day moving average of $81.36 and a 200 day moving average of $76.70. 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 (NASDAQ:GSAT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, equities research analysts expect that Globalstar, Inc. will post -0.62 EPS for the current year.

Insider Activity at Globalstar

In related news, VP Timothy Taylor sold 75,000 shares of Globalstar stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total transaction of $6,236,250.00. Following the transaction, the vice president owned 245,244 shares in the company, valued at approximately $20,392,038.60. The trade was a 23.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel L. Ponder, IV sold 12,045 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $83.21, for a total transaction of $1,002,264.45. Following the completion of the transaction, the general counsel directly owned 131,303 shares of the company’s stock, valued at $10,925,722.63. This represents a 8.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 322,572 shares of company stock worth $26,618,486 in the last 90 days. Company insiders own 60.00% of the company’s stock.

Analyst Ratings Changes

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

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.