Geode Capital Management LLC Acquires 382,288 Shares of Globalstar, Inc. (NYSE:GSAT)

Geode Capital Management LLC grew its holdings in Globalstar, Inc. (NYSE:GSAT) by 2.3% in the 3rd quarter, Holdings Channel reports. The fund owned 16,812,336 shares of the company’s stock after purchasing an additional 382,288 shares during the quarter. Geode Capital Management LLC’s holdings in Globalstar were worth $20,852,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new position in Globalstar during the third quarter valued at about $56,000. Sender Co & Partners Inc. bought a new stake in shares of Globalstar in the 3rd quarter worth approximately $106,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets increased its position in shares of Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares during the period. Finally, XTX Topco Ltd raised its stake in shares of Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Stock Performance

Shares of Globalstar stock opened at $2.15 on Friday. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of -71.67 and a beta of 1.10. The company’s 50-day simple moving average is $2.00. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.74. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insiders Place Their Bets

In other Globalstar news, Director William A. Hasler sold 90,000 shares of Globalstar stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the transaction, the director now directly owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This trade represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction 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 $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 quarter, insiders acquired 2,530,000 shares of company stock worth $4,937,000 and sold 3,666,312 shares worth $8,104,313. Corporate insiders own 61.00% of the company’s stock.

About Globalstar

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.