Globalstar’s Wobble & A Fund’s Trimming

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Now, listen closely. Ashford Capital Management, a perfectly respectable (though not terribly imaginative) bunch, recently decided to lighten their load of Globalstar shares. Four hundred and ten thousand, three hundred and twenty-six of them, to be precise. A tidy sum, around $22.66 million, vanished from their holdings on February 13th, 2026. It’s not that they disliked Globalstar, oh no. It’s just that sometimes, a particularly plump goose needs a little… pruning.

What’s Been Going On?

The paperwork, filed with the SEC (a place where grown-ups make everything frightfully official), revealed this little transaction. They’d held onto Globalstar like a child clinging to a particularly sticky sweet, but now they’ve loosened their grip. At the quarter’s end, they still possessed 998,995 shares – a substantial pile, worth $60.98 million. The net change? A bit of a wobble, an increase of $9.69 million reflecting both the shares sold and the price doing a little jig.

A Few Other Bits and Bobs

  • Ashford’s stake in Globalstar now sits at 6.79% of their reportable assets. Down from 9.32% before the trimming. A bit like taking a slice out of a rather large pie.
  • Here’s what they still cling to, like barnacles on a ship:
    • NASDAQ: GSAT: $60.98 million (6.8% of AUM)
    • NASDAQ: LGND: $40.42 million (4.5% of AUM)
    • NASDAQ: VICR: $38.78 million (4.3% of AUM)
    • NASDAQ: RDVT: $34.33 million (3.8% of AUM)
    • NYSEMKT: VTI: $31.46 million (3.5% of AUM)
  • As of that same date, Globalstar shares were priced at $60.06. A whopping 171.8% increase over the past year! It even left the S&P 500 choking on its dust, trailing behind by a rather embarrassing 159.97 percentage points.

A Glimpse at the Beast

Metric Value
Price (as of market close 2/13/26) $60.06
Market Capitalization $7.62 billion
Revenue (TTM) $262.20 million
Net Income (TTM) $-49.92 million

What Does Globalstar Actually Do?

  • Globalstar provides mobile satellite services. Think of it as sending messages through the sky, using little metal birds. They also make SPOT devices for tracking, and commercial IoT solutions for keeping tabs on things.
  • They earn their keep through subscriptions, selling equipment, and providing engineering services.
  • Their clients are a curious bunch: oil and gas companies, utility providers, those who sail the seas, and even folks who enjoy a bit of recreation.

Globalstar operates a network of satellites, a sort of web spun around the world, providing communications and connectivity. They’re clever, these Globalstar people, leveraging their spectrum assets and partnering with the rather mysterious XCOM Labs to expand into 5G and other advanced technologies. It’s a scalable business, they say, focused on mission-critical applications. Which sounds terribly important, doesn’t it?

What This Means for You (and Me, and Everyone Else)

This sale isn’t a sign of panic, mind you. It’s simply a bit of sensible housekeeping. When a stock rockets upwards – 172% in a year is quite a feat! – a fund manager often trims their holdings, not because they’ve lost faith, but to manage risk. It’s like carefully balancing a stack of wobbly biscuits.

Globalstar recently reported record third-quarter revenue of $73.8 million, a slight nudge up from the previous year. Service revenue was a healthy $69.6 million, and they reaffirmed their full-year revenue guidance of $260 million to $285 million, with an adjusted EBITDA margin near 50%. Adjusted EBITDA came in at $37.6 million for the quarter. That’s real progress, especially as they invest heavily in their C-3 satellite system and the commercialization of XCOM RAN.

But even with improving fundamentals, valuation and position size matter. After the sale, Globalstar still accounts for 6.79% of reportable assets and remains the fund’s largest holding. For long-term investors, the takeaway is not to panic over a partial sale. It is to focus on execution. If revenue growth, infrastructure expansion, and cash generation continue to track, volatility can be tolerated. But after shares nearly tripled in value, pruning is rational portfolio management.

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2026-02-17 18:04