HighTower Advisors LLC Decreases Position in Globalstar, Inc. $GSAT

HighTower Advisors LLC cut its stake in Globalstar, Inc. (NASDAQ:GSAT) by 73.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,995 shares of the company’s stock after selling 52,885 shares during the quarter. HighTower Advisors LLC’s holdings in Globalstar were worth $1,159,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Intrua Financial LLC purchased a new position in Globalstar in the 4th quarter valued at about $714,000. AMJ Financial Wealth Management lifted its stake in Globalstar by 213.9% in the 4th quarter. AMJ Financial Wealth Management now owns 33,946 shares of the company’s stock valued at $2,072,000 after buying an additional 23,133 shares in the last quarter. Pinnacle Associates Ltd. purchased a new position in Globalstar in the 4th quarter valued at about $326,000. Pure Financial Advisors LLC purchased a new position in Globalstar in the 4th quarter valued at about $221,000. Finally, International Assets Investment Management LLC purchased a new position in Globalstar in the 4th quarter valued at about $61,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GSAT has been the topic of a number of research reports. Craig Hallum reaffirmed a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Weiss Ratings raised shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Globalstar has an average rating of “Hold” and a consensus target price of $69.00.

Globalstar Trading Up 1.3%

GSAT opened at $82.66 on Friday. 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 $78.74 and its two-hundred day simple moving average is $67.64. Globalstar, Inc. has a 1-year low of $19.27 and a 1-year high of $84.69. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of -551.08 and a beta of 1.55.

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

Insider Activity

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar 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 of the company’s stock, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul E. Jacobs sold 714 shares of Globalstar stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the sale, the chief executive officer directly owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,177 shares of company stock valued at $965,932. 60.00% of the stock is currently owned by company insiders.

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.