California State Teachers Retirement System Raises Stock Position in Globalstar, Inc. $GSAT

California State Teachers Retirement System raised its position in Globalstar, Inc. (NASDAQ:GSAT) by 23.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,572 shares of the company’s stock after acquiring an additional 11,488 shares during the period. California State Teachers Retirement System’s holdings in Globalstar were worth $3,957,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar in the 4th quarter worth $26,000. Meeder Asset Management Inc. acquired a new position in shares of Globalstar in the fourth quarter valued at about $27,000. US Bancorp DE increased its holdings in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares during the period. Advisory Services Network LLC purchased a new position in shares of Globalstar in the third quarter worth about $40,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Globalstar by 85.1% during the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after purchasing an additional 430 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 920 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00. Following the transaction, the chief financial officer owned 120,278 shares of the company’s stock, valued at approximately $9,832,726.50. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is owned by company insiders.

Globalstar Stock Performance

Shares of GSAT stock opened at $83.40 on Friday. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85. The firm’s 50 day moving average price is $80.74 and its 200-day moving average price is $73.25. The firm has a market cap of $10.74 billion, a P/E ratio of -163.53 and a beta of 1.58. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data 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 15.93%. The business had revenue of $64.77 million during the quarter. The firm’s revenue was down 3.5% on a year-over-year basis. As a group, equities research analysts predict that Globalstar, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GSAT shares. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen upgraded Globalstar to a “sell” rating in a research note on Saturday. Finally, Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus 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.