The Vanguard Group, Inc. recently announced the acquisition of new stake in Globalstar Inc. (AMEX:GSAT). The institutional investor has increased its shareholding in the Communication Services company by 0.67% to 67.39 million shares with purchase of 0.45 million shares. This fresh investment now brings its stake to 3.55% valued currently at $130.74 million. In addition, BlackRock Fund Advisors raised its holdings by 0.99 million to 42.61 million shares. And Geode Capital Management LLC has lifted its position by 3.41% or 0.46 million shares – to 13.99 million shares.
Currently, there are 1.81B common shares owned by the public and among those 755.96M shares have been available to trade.
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Insiders at the company have transacted a total of 40 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 18,080,655 shares. Insider sales of the common stock occurred on 17 occasions, with total insider shares sold totaling 44,287,976 shares.
The top 3 mutual fund holders in Globalstar Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 22.26 million shares of the company’s stock, all valued at over $43.18 million. The company bought an additional 70743.0 shares recently to bring their total holdings to about 1.17% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.69 million shares to see its total holdings expand to 19.35 million shares valued at over $37.55 million and representing 1.02% of the shares outstanding. iShares Russell 2000 ETF sold 49698.0 shares to bring its total holdings to over 18.77 million shares at a value of $36.42 million. iShares Russell 2000 ETF now owns shares totaling to 0.99% of the shares outstanding.
However, the script later moved the day high at 1.7300, down -2.89%. The company’s stock has a 5-day price change of -8.70% and 31.25% over the past three months. GSAT shares are trading -13.40% year to date (YTD), with the 12-month market performance up to 29.23% higher. It has a 12-month low price of $0.85 and touched a high of $2.13 over the same period. GSAT has an average intraday trading volume of 4.97 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -11.28%, 1.50%, and 30.25% respectively.
Institutional ownership of Globalstar Inc. (AMEX: GSAT) shares accounts for 16.27% of the company’s 1.81B shares outstanding. Mutual fund holders own 7.86%, while other institutional holders and individual stakeholders account for 8.44% and 60.18% respectively.
It has a market capitalization of $3.19B and a beta (3y monthly) value of 0.84. The earnings-per-share (ttm) stands at -$0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.69% over the week and 5.26% over the month.
Analysts forecast that Globalstar Inc. (GSAT) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was $0 a year ago. Earnings per share for the fiscal year are expected to increase by 92.41%, and 50.00% over the next financial year. EPS should grow at an annualized rate of 15.00% over the next five years, compared to -13.31% over the past 5-year period.
Looking at the support for the GSAT, a number of firms have released research notes about the stock. Imperial Capital stated their Outperform rating for the stock in a research note on August 04, 2023, with the firm’s price target at $7.79.
