Stifel Financial Corp Trims Stake in Globalstar, Inc. (NYSE:GSAT)

Stifel Financial Corp cut its holdings in shares of Globalstar, Inc. (NYSE:GSAT) by 20.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. FMR LLC boosted its stake in Globalstar by 32.7% during 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 period. 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 during the period. BNP Paribas Financial Markets increased its holdings in Globalstar by 26.4% in 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 last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Globalstar in the third quarter valued at approximately $56,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its position 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 purchasing an additional 117,864 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the transaction, the director now directly owns 848,668 shares of the company’s stock, valued at $1,637,929.24. The trade was a 9.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rebecca Clary sold 37,688 shares of the stock in a transaction dated 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 represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by insiders.

Globalstar Stock Performance

Shares of GSAT opened at $2.17 on Tuesday. The stock’s 50-day simple moving average is $2.01. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. Globalstar, Inc. has a 1 year low of $1.00 and a 1 year high of $2.74. The firm has a market capitalization of $4.11 billion, a PE ratio of -72.33 and a beta of 1.10.

Wall Street Analysts Forecast Growth

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

Globalstar 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.