Geode Capital Management LLC Raises Position in Globalstar, Inc. (NYSE:GSAT)

Geode Capital Management LLC raised its holdings in shares of Globalstar, Inc. (NYSE:GSAT) by 2.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,812,336 shares of the company’s stock after buying an additional 382,288 shares during the quarter. Geode Capital Management LLC owned about 0.89% of Globalstar worth $20,852,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar in the 3rd quarter valued at about $56,000. Sender Co & Partners Inc. purchased a new position in shares of Globalstar during the third quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the last quarter. BNP Paribas Financial Markets raised its stake 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 purchasing an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in Globalstar by 3,472.7% during 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 during the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 3,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 directly 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the sale, the director now directly owns 848,668 shares of the company’s stock, valued at $1,637,929.24. This trade represents a 9.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, 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.

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.

Globalstar Stock Up 0.9 %

GSAT opened at $2.15 on Friday. The company has a fifty day moving average price of $2.00. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $4.07 billion, a PE ratio of -71.67 and a beta of 1.10.

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.