GSA Capital Partners LLP Decreases Stock Position in Globalstar, Inc. (NYSEAMERICAN:GSAT)

GSA Capital Partners LLP cut its holdings in Globalstar, Inc. (NYSEAMERICAN:GSAT) by 5.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 326,230 shares of the company’s stock after selling 19,293 shares during the quarter. GSA Capital Partners LLP’s holdings in Globalstar were worth $405,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ashford Capital Management Inc. grew its holdings in Globalstar by 1,551.7% in the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after purchasing an additional 6,602,454 shares during the period. Vanguard Group Inc. boosted its stake in shares of Globalstar by 2.1% in the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after acquiring an additional 1,494,552 shares during the last quarter. Murchinson Ltd. acquired a new stake in shares of Globalstar in the first quarter worth approximately $1,470,000. Bank of New York Mellon Corp boosted its stake in shares of Globalstar by 12.4% in the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after acquiring an additional 307,357 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Globalstar by 1,405.0% in the third quarter. SG Americas Securities LLC now owns 276,825 shares of the company’s stock worth $343,000 after acquiring an additional 258,431 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 related news, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total value of $93,750.00. Following the transaction, the chief financial officer now owns 1,418,745 shares in the company, valued at approximately $1,773,431.25. This represents a 5.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum lifted their target price on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Monday, November 4th.

Globalstar Trading Up 4.1 %

Shares of GSAT opened at $1.78 on Friday. The stock’s fifty day simple moving average is $1.25 and its 200 day simple moving average is $1.24. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.13. The firm has a market capitalization of $3.38 billion, a P/E ratio of -59.33 and a beta of 0.88.

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.