State Street Corp Buys 580,305 Shares of Globalstar, Inc. (NYSE:GSAT)

State Street Corp grew its stake in Globalstar, Inc. (NYSE:GSAT) by 3.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,583,625 shares of the company’s stock after acquiring an additional 580,305 shares during the period. State Street Corp owned 0.93% of Globalstar worth $21,804,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. FMR LLC increased its stake in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 acquiring an additional 196,644 shares in the last quarter. BNP Paribas Financial Markets increased its position in Globalstar by 26.4% during the 3rd 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 during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Globalstar in the 3rd quarter valued at about $56,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Globalstar by 1,000.5% in the 3rd 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 period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Trading Up 3.7 %

GSAT opened at $1.95 on Monday. 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 cap of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10. Globalstar, Inc. has a 12 month low of $1.00 and a 12 month high of $2.74. The stock has a fifty day moving average of $1.95.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director James Monroe III purchased 530,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were acquired at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the acquisition, the director now owns 6,834,090 shares of the company’s stock, valued at $12,984,771. This trade represents a 8.41 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value 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. The trade was a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 1,530,000 shares of company stock worth $2,987,000 and sold 3,666,312 shares worth $8,104,313. 61.00% of the stock is currently owned by corporate insiders.

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.