Nordea Investment Management AB Has $6.95 Million Holdings in Globalstar, Inc. $GSAT

Nordea Investment Management AB reduced its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 15.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 112,668 shares of the company’s stock after selling 21,117 shares during the quarter. Nordea Investment Management AB’s holdings in Globalstar were worth $6,953,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Greenhouse Funds LLLP increased its stake 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 period. SG Americas Securities LLC acquired a new stake in shares of Globalstar during the 3rd quarter valued at $713,000. Essex Investment Management Co. LLC acquired a new stake in shares of Globalstar during the 3rd quarter valued at $7,072,000. JT Stratford LLC purchased a new position in shares of Globalstar during the 3rd quarter valued at $2,678,000. Finally, American Century Companies Inc. grew its holdings in shares of Globalstar by 39.5% during the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after acquiring an additional 287,163 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research report on Monday, March 2nd. Finally, Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $69.00.

Globalstar Stock Performance

Shares of NASDAQ GSAT opened at $60.28 on Friday. The business’s 50-day simple moving average is $60.37 and its 200-day simple moving average is $55.21. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. Globalstar, Inc. has a 52 week low of $17.24 and a 52 week high of $74.88. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of -401.84, a P/E/G ratio of 110.01 and a beta of 1.43.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 762 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $43,670.22. Following the transaction, the chief financial officer owned 110,254 shares in the company, valued at $6,318,656.74. This trade represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the transaction, the general counsel directly owned 143,348 shares in the company, valued at approximately $8,215,273.88. This represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 7,519 shares of company stock valued at $448,425 over the last 90 days. 61.00% of the stock is currently owned by company insiders.

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.