KLP Kapitalforvaltning AS Sells 1,700 Shares of Globalstar, Inc. $GSAT

KLP Kapitalforvaltning AS decreased its position in shares of Globalstar, Inc. (NASDAQ:GSAT) by 15.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,420 shares of the company’s stock after selling 1,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Globalstar were worth $222,000 at the end of the most recent quarter.

Separately, Magnus Financial Group LLC lifted its stake in shares of Globalstar by 1.7% during the 2nd quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock valued at $4,610,000 after buying an additional 3,333 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on GSAT. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, June 23rd. Finally, Zacks Research cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce”.

Insider Activity

In related news, CEO Paul E. Jacobs sold 53,479 shares of the company’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.95, for a total transaction of $1,869,091.05. Following the transaction, the chief executive officer directly owned 58,895 shares in the company, valued at approximately $2,058,380.25. This represents a 47.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 26,334 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $30.57, for a total transaction of $805,030.38. Following the transaction, the vice president owned 320,244 shares in the company, valued at $9,789,859.08. The trade was a 7.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,938 shares of company stock worth $3,950,670. 60.76% of the stock is currently owned by corporate insiders.

Globalstar Stock Up 2.1%

Shares of GSAT stock opened at $44.49 on Tuesday. The business has a fifty day moving average of $34.50. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.72 and a current ratio of 2.81. The stock has a market cap of $5.64 billion, a PE ratio of -98.87 and a beta of 0.99. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $47.44.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.22. The firm had revenue of $67.15 million for the quarter. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. Globalstar has set its FY 2025 guidance at EPS.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.