Van ECK Associates Corp Acquires 115,359 Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT)

Van ECK Associates Corp boosted its holdings in shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) by 34.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 452,267 shares of the company’s stock after purchasing an additional 115,359 shares during the quarter. Van ECK Associates Corp’s holdings in Globalstar were worth $561,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GSAT. Empowered Funds LLC acquired a new position in shares of Globalstar during the first quarter valued at about $26,000. PFG Investments LLC grew its holdings in shares of Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after purchasing an additional 10,000 shares in the last quarter. Second Line Capital LLC bought a new stake in shares of Globalstar during the first quarter valued at approximately $34,000. XTX Topco Ltd bought a new position in Globalstar in the second quarter worth $31,000. Finally, Panagora Asset Management Inc. acquired a new stake in Globalstar during the second quarter worth $35,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Performance

NYSEAMERICAN:GSAT opened at $1.88 on Wednesday. The stock has a market capitalization of $3.57 billion, a P/E ratio of -67.17 and a beta of 0.88. Globalstar, Inc. has a 1 year low of $1.00 and a 1 year high of $2.13. The firm has a 50 day moving average of $1.25 and a 200-day moving average of $1.24. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94.

Wall Street Analyst Weigh In

Separately, Craig Hallum raised their price objective on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the transaction, the chief financial officer now owns 1,418,745 shares in the company, valued at approximately $1,773,431.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 61.00% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.