American Century Companies Inc. Has $45.87 Million Stock Holdings in Globalstar, Inc. $GSAT

American Century Companies Inc. boosted its position in shares of Globalstar, Inc. (NASDAQ:GSAT) by 24.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,260,459 shares of the company’s stock after purchasing an additional 246,123 shares during the quarter. American Century Companies Inc. owned about 1.00% of Globalstar worth $45,868,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GSAT. Greenhouse Funds LLLP lifted its stake in Globalstar by 11.6% in the second quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock valued at $47,701,000 after buying an additional 209,825 shares during the period. Entropy Technologies LP acquired a new stake in shares of Globalstar in the 2nd quarter valued at approximately $351,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Globalstar by 124.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock valued at $3,369,000 after purchasing an additional 79,185 shares during the period. SG Americas Securities LLC bought a new stake in Globalstar in the third quarter valued at approximately $713,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Globalstar in the second quarter worth $343,000. Institutional investors own 18.89% of the company’s stock.

Insider Activity at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the business’s stock in a transaction on Monday, December 29th. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20. Following the sale, the general counsel owned 135,568 shares in the company, valued at $8,326,586.56. The trade was a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 845 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $65.80, for a total value of $55,601.00. Following the completion of the sale, the chief executive officer owned 58,830 shares in the company, valued at $3,871,014. The trade was a 1.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,305 shares of company stock valued at $976,100 in the last quarter. Insiders own 61.00% of the company’s stock.

Globalstar Price Performance

NASDAQ:GSAT opened at $56.44 on Friday. Globalstar, Inc. has a 52 week low of $17.24 and a 52 week high of $74.88. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.46 and a current ratio of 2.42. The firm’s 50-day simple moving average is $61.12 and its 200 day simple moving average is $52.16. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of -376.24, a P/E/G ratio of 97.00 and a beta of 1.43.

Wall Street Analyst Weigh In

GSAT has been the topic of several recent analyst reports. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Craig Hallum restated a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday. Deutsche Bank Aktiengesellschaft began coverage on shares of Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target for the company. Finally, B. Riley Financial boosted their price objective on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, November 10th. 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 MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $69.00.

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.