Barclays PLC Boosts Stake in Globalstar, Inc. (NYSE:GSAT)

Barclays PLC lifted its holdings in shares of Globalstar, Inc. (NYSE:GSAT) by 36.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,270,443 shares of the company’s stock after acquiring an additional 340,476 shares during the quarter. Barclays PLC owned 0.07% of Globalstar worth $1,575,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of GSAT. State Street Corp grew its stake in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after purchasing an additional 580,305 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 buying an additional 196,644 shares during the last quarter. FMR LLC grew its position in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after buying an additional 1,102,776 shares in the last quarter. XTX Topco Ltd increased 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 worth $1,211,000 after buying an additional 949,025 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Globalstar by 26.4% in the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after acquiring an additional 68,599 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Up 0.9 %

Shares of Globalstar stock opened at $2.15 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The company has a 50-day moving average price of $2.00. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -71.67 and a beta of 1.10.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, 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 transaction of $7,770,000.00. Following the completion of the transaction, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This represents a 35.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Monroe III purchased 530,000 shares of the business’s 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 acquisition, the director now owns 6,834,090 shares in the company, valued at approximately $12,984,771. The trade was a 8.41 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 2,530,000 shares of company stock worth $4,937,000 and sold 3,666,312 shares worth $8,104,313. Company insiders own 61.00% of the company’s stock.

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.