Rhumbline Advisers Has $1.95 Million Stock Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Rhumbline Advisers raised its position in Globalstar, Inc. (NYSEARCA:GSAT) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 940,591 shares of the company’s stock after purchasing an additional 8,352 shares during the period. Rhumbline Advisers’ holdings in Globalstar were worth $1,947,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globalstar by 24.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock valued at $307,000 after purchasing an additional 48,566 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Globalstar by 13.9% during the third quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company’s stock worth $607,000 after buying an additional 59,954 shares during the last quarter. Van ECK Associates Corp increased its position in Globalstar by 34.2% during the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after buying an additional 115,359 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in Globalstar in the third quarter valued at approximately $27,000. Finally, Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Globalstar in the third quarter valued at approximately $39,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Globalstar Trading Down 3.1 %

Shares of Globalstar stock opened at $20.93 on Tuesday. Globalstar, Inc. has a 1-year low of $15.00 and a 1-year high of $41.10. 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 stock’s 50-day simple moving average is $7.86. The firm has a market cap of $39.65 billion, a P/E ratio of -697.67 and a beta of 1.07.

Insider Buying and Selling at Globalstar

In other Globalstar 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 stock was 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 directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. The trade was a 35.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the sale, the chief executive officer now owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 3,030,000 shares of company stock valued at $5,987,000 and sold 3,590,851 shares valued at $7,962,454. Insiders own 60.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GSAT. Craig Hallum reduced their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Morgan Stanley lifted their target price on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, B. Riley increased their target price on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th.

About Globalstar

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.