WINTON GROUP Ltd Invests $707,000 in Globalstar, Inc. $GSAT

WINTON GROUP Ltd bought a new position in Globalstar, Inc. (NASDAQ:GSAT) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 8,700 shares of the company’s stock, valued at approximately $707,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Optiver Holding B.V. acquired a new stake in shares of Globalstar during the 1st quarter valued at about $32,000. Parkside Financial Bank & Trust grew its stake in shares of Globalstar by 879.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock valued at $62,000 after purchasing an additional 686 shares during the period. Allworth Financial LP raised its holdings in shares of Globalstar by 90.0% in the 2nd quarter. Allworth Financial LP now owns 1,043 shares of the company’s stock worth $85,000 after buying an additional 494 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Globalstar during the 2nd quarter worth approximately $97,000. Finally, Meeder Asset Management Inc. boosted its stake in Globalstar by 169.0% in the 1st quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company’s stock valued at $80,000 after buying an additional 752 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

GSAT opened at $81.99 on Tuesday. The company has a fifty day moving average price of $81.48 and a two-hundred day moving average price of $77.30. The firm has a market capitalization of $10.62 billion, a PE ratio of -160.76 and a beta of 1.51. Globalstar, Inc. has a 52 week low of $29.64 and a 52 week high of $84.85. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million during the quarter. The business’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, analysts anticipate that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Transactions at Globalstar

In other Globalstar news, Director James Lynch sold 110,000 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the transaction, the director owned 712,714 shares in the company, valued at approximately $58,285,750.92. This trade represents a 13.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rebecca Clary sold 24,100 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $82.17, for a total value of $1,980,297.00. Following the transaction, the chief financial officer owned 96,540 shares of the company’s stock, valued at $7,932,691.80. The trade was a 19.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 322,572 shares of company stock valued at $26,618,486. Corporate insiders own 60.00% of the company’s stock.

Globalstar Profile

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.