AMJ Financial Wealth Management Takes Position in Globalstar, Inc. $GSAT

AMJ Financial Wealth Management acquired a new position in shares of Globalstar, Inc. (NASDAQ:GSAT) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 10,813 shares of the company’s stock, valued at approximately $393,000.

Other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its holdings in Globalstar by 2.2% in the third quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock worth $896,000 after purchasing an additional 540 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Globalstar by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock valued at $2,616,000 after buying an additional 546 shares in the last quarter. Cannell Capital LLC grew its position 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 buying an additional 580 shares during the last quarter. CWM LLC raised its stake in shares of Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after acquiring an additional 664 shares in the last quarter. Finally, KLP Kapitalforvaltning AS lifted its position in Globalstar by 7.4% during the third quarter. KLP Kapitalforvaltning AS now owns 10,120 shares of the company’s stock valued at $368,000 after acquiring an additional 700 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

Shares of GSAT stock opened at $60.10 on Friday. The business has a fifty day moving average of $61.59 and a 200 day moving average of $49.98. Globalstar, Inc. has a 1 year low of $17.24 and a 1 year high of $74.88. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.53 and a quick ratio of 2.46. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of -130.65 and a beta of 1.52.

Insider Transactions at Globalstar

In related news, CFO Rebecca Clary sold 4,829 shares of Globalstar stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $56.64, for a total transaction of $273,514.56. Following the completion of the sale, the chief financial officer owned 106,992 shares of the company’s stock, valued at $6,060,026.88. The trade was a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 1,260 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the completion of the sale, the general counsel owned 135,568 shares in the company, valued at approximately $8,326,586.56. This represents a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,685 shares of company stock worth $1,238,549 over the last three months. 61.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GSAT shares. B. Riley Financial lifted their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $68.50.

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.