Globalstar, Inc. $GSAT Shares Sold by Long Focus Capital Management LLC

Long Focus Capital Management LLC cut its stake in Globalstar, Inc. (NASDAQ:GSAT) by 67.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 207,000 shares of the company’s stock after selling 438,000 shares during the period. Long Focus Capital Management LLC’s holdings in Globalstar were worth $7,533,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GSAT. US Bancorp DE raised its holdings in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Fortitude Family Office LLC bought a new position in Globalstar during the 3rd quarter valued at $37,000. Dakota Community Bank & Trust NA bought a new position in Globalstar during the 3rd quarter valued at $46,000. CWM LLC increased its position in shares of Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after purchasing an additional 664 shares during the period. Finally, Clearstead Trust LLC acquired a new position in shares of Globalstar during the 3rd quarter valued at $64,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

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

Globalstar Price Performance

NASDAQ GSAT opened at $58.83 on Tuesday. Globalstar, Inc. has a 1 year low of $17.24 and a 1 year high of $74.88. The business’s fifty day moving average is $60.63 and its two-hundred day moving average is $53.83. The stock has a market capitalization of $7.56 billion, a P/E ratio of -392.17, a P/E/G ratio of 95.80 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42.

Insider Buying and Selling

In related news, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $66,078.43. Following the completion of the transaction, the chief executive officer owned 61,080 shares in the company, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the sale, the general counsel owned 135,568 shares in the company, valued at approximately $8,326,586.56. The trade was a 0.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,303 shares of company stock worth $1,005,856 in the last three months. 60.76% of the stock is currently owned by insiders.

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.