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

Van ECK Associates Corp lifted its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 75.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 489,326 shares of the company’s stock after acquiring an additional 210,993 shares during the quarter. Van ECK Associates Corp owned approximately 0.39% of Globalstar worth $17,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in GSAT. PNC Financial Services Group Inc. boosted its stake in shares of Globalstar by 2.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock valued at $896,000 after purchasing an additional 540 shares during the last quarter. HighTower Advisors LLC raised its stake in Globalstar by 0.8% during the third quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock worth $2,616,000 after buying an additional 546 shares during the last quarter. Cannell Capital LLC lifted its holdings in Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after buying an additional 580 shares during the period. CWM LLC lifted its holdings in Globalstar by 100.6% in the third quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after buying an additional 664 shares during the period. Finally, KLP Kapitalforvaltning AS boosted its position in Globalstar by 7.4% during the third quarter. KLP Kapitalforvaltning AS now owns 10,120 shares of the company’s stock valued at $368,000 after acquiring an additional 700 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Stock Up 1.0%

NASDAQ:GSAT traded up $0.59 on Friday, hitting $57.70. The stock had a trading volume of 98,654 shares, compared to its average volume of 621,040. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. Globalstar, Inc. has a 52 week low of $17.24 and a 52 week high of $74.88. The business’s fifty day moving average is $60.84 and its 200 day moving average is $53.04. The company has a market cap of $7.42 billion, a PE ratio of -383.12, a P/E/G ratio of 94.02 and a beta of 1.43.

Insider Activity at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 762 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $43,670.22. Following the transaction, the chief financial officer directly owned 110,254 shares of the company’s stock, valued at approximately $6,318,656.74. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul E. Jacobs sold 1,153 shares of Globalstar 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 transaction, the chief executive officer owned 61,080 shares of the company’s stock, valued at $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 17,303 shares of company stock valued at $1,005,856. 61.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.