First Trust Advisors LP Sells 31,036 Shares of Globalstar, Inc. $GSAT

First Trust Advisors LP reduced its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 16.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,889 shares of the company’s stock after selling 31,036 shares during the quarter. First Trust Advisors LP’s holdings in Globalstar were worth $10,421,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Acadian Asset Management LLC bought a new position in Globalstar in the 1st quarter worth approximately $99,000. Invesco Ltd. lifted its holdings in Globalstar by 13.8% during the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after buying an additional 3,462 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Globalstar by 80.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after buying an additional 2,331 shares during the last quarter. Corient Private Wealth LLC boosted its position in Globalstar by 28.4% in the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after buying an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC increased its stake in shares of Globalstar by 1.1% in the 2nd 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. Institutional investors and hedge funds own 18.89% of the company’s stock.

Insider Activity

In other news, CFO Rebecca Clary sold 920 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the transaction, the chief financial officer directly owned 120,278 shares in the company, valued at $9,832,726.50. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is owned by corporate insiders.

Globalstar Trading Up 4.1%

Shares of NASDAQ GSAT opened at $83.38 on Friday. Globalstar, Inc. has a fifty-two week low of $22.35 and a fifty-two week high of $84.69. The firm has a market capitalization of $10.74 billion, a P/E ratio of -555.87 and a beta of 1.55. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The company’s 50 day simple moving average is $80.77 and its 200 day simple moving average is $72.53.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The business had revenue of $70.06 million for the quarter. Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.Globalstar’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts predict that Globalstar, Inc. will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GSAT. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.