JPMorgan Chase & Co. Decreases Stake in Globalstar, Inc. $GSAT

JPMorgan Chase & Co. reduced its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 5.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 124,327 shares of the company’s stock after selling 7,238 shares during the quarter. JPMorgan Chase & Co.’s holdings in Globalstar were worth $4,524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Globalstar in the 1st quarter worth about $99,000. Legal & General Group Plc lifted its stake in Globalstar by 6.3% during the 2nd quarter. Legal & General Group Plc now owns 58,950 shares of the company’s stock valued at $1,388,000 after acquiring an additional 3,486 shares during the period. Rhumbline Advisers boosted its holdings in shares of Globalstar by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 74,458 shares of the company’s stock valued at $1,754,000 after acquiring an additional 4,845 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Globalstar by 13.8% during the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after acquiring an additional 3,462 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Globalstar by 2,093.4% in the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock worth $18,315,000 after acquiring an additional 742,271 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Globalstar Trading Up 13.4%

Globalstar stock opened at $77.73 on Friday. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $78.30. The company has a market cap of $9.99 billion, a P/E ratio of -518.17, a P/E/G ratio of 111.89 and a beta of 1.46. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The business has a 50-day simple moving average of $61.01 and a two-hundred day simple moving average of $56.41.

More Globalstar News

Here are the key news stories impacting Globalstar this week:

• Positive Sentiment: Reports that Amazon is in advanced acquisition talks with Globalstar, citing people familiar with the matter, are the primary catalyst for the rally — an attractive strategic fit given Amazon’s push into satellite internet. Amazon in talks to buy $9 billion satellite group Globalstar, FT reports
• Positive Sentiment: Major business press (CNBC) confirms takeover talks and notes negotiations are underway, which boosts takeover-premium expectations and speculative buying. Globalstar stock surges 15% on report Amazon is weighing an acquisition
• Positive Sentiment: Multiple outlets report an implied deal value near $9 billion, a headline number that supports a substantially higher takeover price versus where the market traded before rumors. Amazon Plans $9 Billion Acquisition of Globalstar to Directly Challenge SpaceX’s Starlink
• Positive Sentiment: Reports note hedge funds and institutional players (Soros, AQR, Millennium) had positioned ahead of the move, suggesting demand from sophisticated buyers helped amplify the rally. GSAT’s 18-year high isn’t just about Amazon – Soros, AQR, Millennium saw it coming
• Neutral Sentiment: Market commentary and data services (Investopedia, Bloomberg) flagged GSAT as a top mover today; that coverage can attract momentum traders but doesn’t change fundamentals by itself. Deal Talks With Amazon Have This Satellite Internet Provider’s Stock Popping
• Negative Sentiment: Potential deal risks — regulatory scrutiny, spectrum disputes and competitive tensions with SpaceX/Starlink — could complicate or delay a transaction and introduce execution risk. Globalstar Soars 10%: Amazon’s Reported Takeover Bid Ignites a Spectrum War With SpaceX
• Negative Sentiment: Some broker commentary sets price targets below the current elevated levels, signaling that analysts may not yet have repriced fundamentals to reflect takeover speculation — creating downside if rumors fade. Brokerages Set Globalstar, Inc. (NASDAQ:GSAT) PT at $69.00

Insider Buying and Selling

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 682 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the transaction, the general counsel directly owned 143,348 shares in the company, valued at approximately $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 762 shares of Globalstar stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $43,670.22. Following the transaction, the chief financial officer owned 110,254 shares in the company, valued at $6,318,656.74. This represents a 0.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 4,999 shares of company stock valued at $293,646. 61.00% of the stock is owned by insiders.

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.