Globalstar, Inc. $GSAT Shares Sold by Beck Mack & Oliver LLC

Beck Mack & Oliver LLC trimmed its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 1.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,169,269 shares of the company’s stock after selling 11,566 shares during the period. Beck Mack & Oliver LLC’s holdings in Globalstar were worth $42,550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of GSAT. Vanguard Group Inc. boosted its stake in shares of Globalstar by 2.8% in the third quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock valued at $190,455,000 after buying an additional 141,451 shares in the last quarter. Greenhouse Funds LLLP raised its position in Globalstar by 6.1% in the third quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after acquiring an additional 123,676 shares in the last quarter. Ashford Capital Management Inc. raised its position in Globalstar by 3.8% in the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after acquiring an additional 51,703 shares in the last quarter. Senvest Management LLC lifted its holdings in Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock valued at $31,334,000 after acquiring an additional 452,624 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Globalstar by 1.6% in the second quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock valued at $30,019,000 after acquiring an additional 20,514 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s 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 sale, the general counsel owned 143,348 shares in the company, valued at approximately $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rebecca Clary sold 762 shares of Globalstar 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 completion of the sale, the chief financial officer directly owned 110,254 shares of the company’s stock, valued at approximately $6,318,656.74. This represents a 0.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 17,303 shares of company stock worth $1,005,856 over the last ninety days. 61.00% of the stock is currently owned by corporate insiders.

Globalstar Trading Up 2.7%

Shares of GSAT stock opened at $58.68 on Friday. The firm has a 50-day moving average price of $60.74 and a 200 day moving average price of $53.44. Globalstar, Inc. has a twelve month low of $17.24 and a twelve month high of $74.88. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of -391.17, a PEG ratio of 95.80 and a beta of 1.43. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.

Wall Street Analysts Forecast Growth

GSAT has been the topic of a number of recent analyst reports. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Finally, Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price 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.