Globalstar, Inc. (NYSE:GSAT) Position Increased by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in shares of Globalstar, Inc. (NYSE:GSAT) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,812,336 shares of the company’s stock after purchasing an additional 382,288 shares during the period. Geode Capital Management LLC owned 0.89% of Globalstar worth $20,852,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake 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 in the third quarter worth approximately $56,000. FMR LLC increased 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 buying an additional 1,102,776 shares during the last quarter. BNP Paribas Financial Markets raised its position in Globalstar by 26.4% during 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Globalstar by 1,000.5% in 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 during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

NYSE GSAT opened at $2.15 on Friday. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The company’s 50-day moving average is $2.00. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -71.67 and a beta of 1.10. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Analyst Ratings Changes

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

Insider Activity

In other news, CFO Rebecca Clary sold 37,688 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $2.13, for a total value of $80,275.44. Following the completion of the sale, the chief financial officer now directly owns 1,396,027 shares in the company, valued at approximately $2,973,537.51. The trade was a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Monroe III bought 500,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was purchased at an average price of $1.93 per share, for a total transaction of $965,000.00. Following the completion of the purchase, the director now directly owns 10,334,090 shares in the company, valued at $19,944,793.70. The trade was a 5.08 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 2,530,000 shares of company stock valued at $4,937,000 and have sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is currently owned by insiders.

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.