Intech Investment Management LLC Has $588,000 Stock Position in Globalstar, Inc. $GSAT

Intech Investment Management LLC lowered its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 42.7% during the third quarter, Holdings Channel reports. The fund owned 16,146 shares of the company’s stock after selling 12,010 shares during the period. Intech Investment Management LLC’s holdings in Globalstar were worth $588,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Globalstar by 2.8% in the third quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after acquiring an additional 141,451 shares during the last quarter. Greenhouse Funds LLLP grew its stake in shares of 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 last quarter. Senvest Management LLC increased its holdings in shares of Globalstar by 51.6% in the second quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock valued at $31,334,000 after purchasing an additional 452,624 shares in the last quarter. Geode Capital Management LLC raised its position in Globalstar by 1.6% in the 2nd 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 during the last quarter. Finally, American Century Companies Inc. raised its position in Globalstar by 39.5% in the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock worth $23,888,000 after purchasing an additional 287,163 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on GSAT shares. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective on the stock. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, Craig Hallum reiterated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Trading Up 3.7%

NASDAQ:GSAT opened at $58.77 on Wednesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The business’s 50-day simple moving average is $60.99 and its 200-day simple moving average is $52.98. The stock has a market capitalization of $7.55 billion, a PE ratio of -391.77, a price-to-earnings-growth ratio of 92.51 and a beta of 1.43.

Insider Activity at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 492 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $55.38, for a total value of $27,246.96. Following the completion of the transaction, the general counsel directly owned 142,635 shares of the company’s stock, valued at approximately $7,899,126.30. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rebecca Clary sold 1,260 shares of the company’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 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 14,706 shares of company stock valued at $857,022. 60.76% of the stock is owned by corporate 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.