Stifel Financial Corp decreased its stake in shares of Globalstar, Inc. (NYSE:GSAT – Free Report) by 20.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,193 shares of the company’s stock after selling 8,422 shares during the quarter. Stifel Financial Corp’s holdings in Globalstar were worth $41,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in GSAT. Charles Schwab Investment Management Inc. increased its position in shares of Globalstar by 3.3% during the third 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 during the period. Dynamic Technology Lab Private Ltd bought a new stake in Globalstar during the 3rd quarter valued at $56,000. FMR LLC raised its position in Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after buying an additional 68,599 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in shares of Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after buying an additional 117,864 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.
Globalstar Stock Performance
NYSE GSAT opened at $2.17 on Tuesday. The company has a market capitalization of $4.11 billion, a P/E ratio of -72.33 and a beta of 1.10. The company’s 50 day simple moving average is $2.01. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74.
Wall Street Analyst Weigh In
Check Out Our Latest Research Report on GSAT
Insider Buying and Selling
In other Globalstar news, CFO Rebecca Clary sold 37,688 shares of the firm’s stock in a transaction that occurred 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 $2,973,537.51. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar 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 completion of the transaction, the vice president now directly owns 6,383,649 shares in the company, valued at $14,171,700.78. This represents a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is currently owned by 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.
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