State Street Corp Has $21.80 Million Stock Position in Globalstar, Inc. (NYSE:GSAT)

State Street Corp raised its holdings in Globalstar, Inc. (NYSE:GSAT) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,583,625 shares of the company’s stock after buying an additional 580,305 shares during the quarter. State Street Corp owned 0.93% of Globalstar worth $21,804,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position 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 worth $7,671,000 after purchasing an additional 196,644 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Globalstar during the 3rd quarter worth approximately $56,000. FMR LLC boosted its holdings in Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares in the last quarter. BNP Paribas Financial Markets grew 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 acquiring an additional 68,599 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after acquiring an additional 117,864 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Globalstar Trading Up 3.7 %

Globalstar stock opened at $1.95 on Monday. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10. The firm has a fifty day simple moving average of $1.95. Globalstar, Inc. has a 1-year low of $1.00 and a 1-year high of $2.74. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Insider Buying and Selling

In other Globalstar news, VP Timothy Evan Taylor sold 3,500,000 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 6,383,649 shares in the company, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Monroe III acquired 500,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the acquisition, the director now directly owns 8,834,090 shares in the company, valued at approximately $17,668,180. The trade was a 6.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 1,530,000 shares of company stock worth $2,987,000 and have sold 3,666,312 shares worth $8,104,313. 61.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.