Bryce Point Capital LLC Takes $661,000 Position in Globalstar, Inc. $GSAT

Bryce Point Capital LLC purchased a new stake in Globalstar, Inc. (NASDAQ:GSAT) during the third quarter, according to its most recent filing with the SEC. The firm purchased 18,153 shares of the company’s stock, valued at approximately $661,000. Globalstar accounts for approximately 0.8% of Bryce Point Capital LLC’s portfolio, making the stock its 13th largest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenhouse Funds LLLP grew its holdings in Globalstar by 11.6% during the second quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock valued at $47,701,000 after purchasing an additional 209,825 shares during the period. Senvest Management LLC raised its holdings in Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after purchasing an additional 452,624 shares during the period. Geode Capital Management LLC boosted its position in shares of Globalstar by 1.6% during the second quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock worth $30,019,000 after purchasing an additional 20,514 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Globalstar by 39.5% in the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after buying an additional 287,163 shares during the period. Finally, Broad Bay Capital Management LP acquired a new position in shares of Globalstar in the 2nd quarter valued at $18,405,000. Institutional investors own 18.89% of the company’s stock.

Insider Activity

In other Globalstar news, CEO Paul E. Jacobs sold 845 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the sale, the chief executive officer owned 58,830 shares in the company, valued at approximately $3,871,014. The trade was a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Rebecca Clary sold 1,260 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the transaction, the chief financial officer directly owned 108,123 shares of the company’s stock, valued at $6,640,914.66. This represents a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,091 shares of company stock worth $2,840,199 over the last three months. Corporate insiders own 60.76% of the company’s stock.

Globalstar Price Performance

Shares of NASDAQ GSAT opened at $58.88 on Tuesday. The company has a fifty day moving average price of $63.23 and a 200 day moving average price of $47.93. The firm has a market cap of $7.47 billion, a PE ratio of -128.00 and a beta of 1.52. The company has a current ratio of 2.53, a quick ratio of 2.46 and a debt-to-equity ratio of 1.33. Globalstar, Inc. has a 1-year low of $17.24 and a 1-year high of $74.88.

Analyst Ratings Changes

GSAT has been the topic of several research analyst reports. B. Riley Financial raised their price objective on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Deutsche Bank Aktiengesellschaft assumed coverage on Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Globalstar has an average rating of “Hold” and a consensus price target of $68.50.

About Globalstar

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.