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

First Trust Advisors LP decreased its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 16.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 156,889 shares of the company’s stock after selling 31,036 shares during the period. First Trust Advisors LP owned 0.12% of Globalstar worth $10,421,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in GSAT. Acadian Asset Management LLC bought a new stake in Globalstar during the first quarter worth approximately $99,000. Invesco Ltd. raised its position in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after purchasing an additional 3,462 shares during the period. BNP Paribas Financial Markets raised its position in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after buying an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC lifted its stake in shares of Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after buying an additional 580 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

Globalstar Trading Up 4.1%

Shares of GSAT stock opened at $83.38 on Friday. Globalstar, Inc. has a 1 year low of $22.35 and a 1 year high of $84.69. The firm’s fifty day simple moving average is $80.77 and its 200 day simple moving average is $72.53. 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 current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26.

Globalstar (NASDAQ:GSAT) last issued its quarterly 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 net margin of 6.84% and a negative return on equity of 3.75%. The company had revenue of $70.06 million during the quarter. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, sell-side analysts predict that Globalstar, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related 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 transaction of $75,210.00. Following the completion of the sale, the chief financial officer directly owned 120,278 shares of the company’s stock, 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 SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently 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.