Van ECK Associates Corp grew its position in shares of Globalstar, Inc. (NYSEAMERICAN:GSAT – Free Report) by 49.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 267,521 shares of the Wireless communications provider’s stock after buying an additional 88,212 shares during the period. Van ECK Associates Corp’s holdings in Globalstar were worth $310,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its holdings in Globalstar by 30.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 94,364 shares of the Wireless communications provider’s stock worth $139,000 after buying an additional 21,807 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Globalstar by 10.9% in the first quarter. MetLife Investment Management LLC now owns 233,251 shares of the Wireless communications provider’s stock worth $343,000 after purchasing an additional 22,860 shares in the last quarter. Ergoteles LLC bought a new position in shares of Globalstar in the first quarter worth $1,020,000. Penserra Capital Management LLC increased its holdings in shares of Globalstar by 19.0% during the first quarter. Penserra Capital Management LLC now owns 2,798,306 shares of the Wireless communications provider’s stock valued at $4,113,000 after purchasing an additional 446,036 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Globalstar by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,693,062 shares of the Wireless communications provider’s stock valued at $6,899,000 after purchasing an additional 129,968 shares in the last quarter. Institutional investors own 18.46% of the company’s stock.
Insider Activity
In other news, CFO Rebecca Clary sold 100,000 shares of Globalstar stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $1.12, for a total value of $112,000.00. Following the transaction, the chief financial officer now owns 1,708,121 shares of the company’s stock, valued at $1,913,095.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Timothy Evan Taylor sold 395,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $1.19, for a total transaction of $470,050.00. Following the completion of the sale, the vice president now owns 11,858,649 shares in the company, valued at approximately $14,111,792.31. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rebecca Clary sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $1.12, for a total value of $112,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,708,121 shares in the company, valued at approximately $1,913,095.52. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 1,065,430 shares of company stock valued at $1,095,683. Insiders own 62.00% of the company’s stock.
Globalstar Trading Down 2.1 %
Globalstar (NYSEAMERICAN:GSAT – Get Free Report) last posted its earnings results on Friday, May 5th. The Wireless communications provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Globalstar had a negative net margin of 112.72% and a negative return on equity of 76.89%. The firm had revenue of $58.64 million during the quarter, compared to analysts’ expectations of $48.29 million. On average, equities analysts forecast that Globalstar, Inc. will post -0.01 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on GSAT shares. StockNews.com started coverage on Globalstar in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Imperial Capital initiated coverage on Globalstar in a report on Friday. They set an “outperform” rating and a $7.79 target price on the stock. Finally, Morgan Stanley upgraded shares of Globalstar from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $1.75 to $0.97 in a research report on Wednesday, May 3rd.
View Our Latest Stock Analysis on Globalstar
Globalstar 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.
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