UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Stake in Globalstar, Inc. (NYSE:GSAT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of Globalstar, Inc. (NYSE:GSAT) by 11.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,358,093 shares of the company’s stock after selling 169,488 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.07% of Globalstar worth $1,684,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. FMR LLC boosted its holdings in 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 acquiring an additional 1,102,776 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of 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 purchasing an additional 68,599 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Globalstar during the 3rd quarter valued at about $56,000. Institutional investors own 18.89% of the company’s stock.

Insiders Place Their Bets

In other news, 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 sale, the vice president now owns 6,383,649 shares in the company, valued at approximately $14,171,700.78. The trade was a 35.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Monroe III purchased 500,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was acquired at an average price of $1.96 per share, with a total value of $980,000.00. Following the completion of the purchase, the director now owns 7,834,090 shares in the company, valued at $15,354,816.40. This represents a 6.82 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 3,666,312 shares of company stock worth $8,104,313. 61.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Globalstar Price Performance

GSAT opened at $1.95 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The stock has a market cap of $3.69 billion, a PE ratio of -65.00 and a beta of 1.10. The company has a 50 day moving average price of $1.94.

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.