Globalstar, Inc. $GSAT Stock Position Decreased by Long Focus Capital Management LLC

Long Focus Capital Management LLC decreased its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 67.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 207,000 shares of the company’s stock after selling 438,000 shares during the quarter. Long Focus Capital Management LLC owned approximately 0.16% of Globalstar worth $7,533,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of GSAT. PNC Financial Services Group Inc. grew its holdings in shares of Globalstar by 2.2% during the third quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock valued at $896,000 after purchasing an additional 540 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Globalstar by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock worth $2,616,000 after purchasing an additional 546 shares during the period. Cannell Capital LLC lifted its holdings in shares of Globalstar by 1.1% in the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after purchasing an additional 580 shares during the last quarter. CWM LLC lifted its holdings in shares of Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after purchasing an additional 664 shares during the last quarter. Finally, KLP Kapitalforvaltning AS boosted its position in Globalstar by 7.4% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 10,120 shares of the company’s stock valued at $368,000 after purchasing an additional 700 shares during the period. Institutional investors own 18.89% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Rebecca Clary sold 4,829 shares of Globalstar stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $56.64, for a total transaction of $273,514.56. Following the sale, the chief financial officer directly owned 106,992 shares in the company, valued at $6,060,026.88. The trade was a 4.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel L Barbee Iv Ponder 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 transaction of $77,389.20. Following the completion of the sale, the general counsel directly owned 135,568 shares of the company’s stock, valued at $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. In the last quarter, insiders sold 17,303 shares of company stock worth $1,005,856. 60.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Globalstar Stock Performance

Shares of NASDAQ GSAT opened at $58.83 on Tuesday. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $74.88. The company has a market cap of $7.56 billion, a PE ratio of -392.17, a P/E/G ratio of 95.80 and a beta of 1.43. The stock has a 50 day simple moving average of $60.63 and a 200-day simple moving average of $53.83. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.

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.