Globalstar, Inc. (NYSE:GSAT) Shares Bought by State Street Corp

State Street Corp raised its stake in shares of Globalstar, Inc. (NYSE:GSAT) by 3.4% during the third quarter, HoldingsChannel reports. The firm owned 17,583,625 shares of the company’s stock after purchasing an additional 580,305 shares during the quarter. State Street Corp’s holdings in Globalstar were worth $21,804,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in GSAT. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar during the third quarter valued at $56,000. BNP Paribas Financial Markets raised its stake in Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after acquiring an additional 68,599 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after acquiring an additional 117,864 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Globalstar by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Trading Up 3.7 %

GSAT opened at $1.95 on Monday. The stock’s 50 day simple moving average is $1.95. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.74.

Insider Transactions at Globalstar

In related news, Director James Monroe III purchased 530,000 shares of Globalstar stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the transaction, the director now owns 6,834,090 shares in the company, valued at $12,984,771. The trade was a 8.41 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the sale, the vice president now owns 6,383,649 shares in the company, valued at approximately $14,171,700.78. This represents a 35.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 1,530,000 shares of company stock worth $2,987,000 and have sold 3,666,312 shares worth $8,104,313. Company insiders own 61.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.