JPMorgan Chase & Co. Increases Stake in Globalstar, Inc. (NYSEARCA:GSAT)

JPMorgan Chase & Co. raised its holdings in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 36.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,266,746 shares of the company’s stock after acquiring an additional 603,285 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.12% of Globalstar worth $2,811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of GSAT. CWA Asset Management Group LLC purchased a new position in Globalstar during the third quarter valued at $27,000. XTX Topco Ltd bought a new position in shares of Globalstar during the 2nd quarter valued at approximately $31,000. Tokio Marine Asset Management Co. Ltd. purchased a new stake in Globalstar in the 3rd quarter worth approximately $39,000. Procyon Advisors LLC bought a new stake in Globalstar during the 3rd quarter worth approximately $47,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Globalstar during the third quarter valued at approximately $56,000. Institutional investors own 18.89% of the company’s stock.

Insider Transactions at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the completion of the transaction, the chief executive officer now directly owns 84,815 shares in the company, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Monroe III purchased 530,000 shares of the stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the acquisition, the director now directly owns 6,834,090 shares in the company, valued at approximately $12,984,771. This represents a 8.41 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Corporate insiders own 60.76% of the company’s stock.

Globalstar Price Performance

Shares of NYSEARCA:GSAT opened at $1.89 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The company’s 50 day simple moving average is $2.02. Globalstar, Inc. has a 1 year low of $1.00 and a 1 year high of $2.74. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -63.00 and a beta of 1.07.

Analyst Ratings Changes

Several brokerages have recently commented on GSAT. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Craig Hallum boosted their price objective on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Monday, November 4th.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.