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

State Street Corp increased its holdings in Globalstar, Inc. (NYSE:GSAT) by 3.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 17,583,625 shares of the company’s stock after buying an additional 580,305 shares during the period. State Street Corp’s holdings in Globalstar were worth $21,804,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of GSAT. Charles Schwab Investment Management Inc. grew its position in Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after buying an additional 196,644 shares during the period. FMR LLC grew its position in shares of 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 acquiring an additional 1,102,776 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its holdings 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. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Globalstar in the third quarter valued at approximately $56,000. 18.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $2.13, for a total transaction of $80,275.44. Following the completion of the transaction, the chief financial officer now owns 1,396,027 shares of the company’s stock, valued at $2,973,537.51. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total value of $7,770,000.00. Following the sale, the vice president now owns 6,383,649 shares in the company, valued at approximately $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 quarter, insiders acquired 1,530,000 shares of company stock worth $2,987,000 and sold 3,666,312 shares worth $8,104,313. Corporate insiders own 61.00% of the company’s stock.

Globalstar Stock Performance

Shares of Globalstar stock opened at $1.95 on Monday. The company has a market cap of $3.69 billion, a PE ratio of -65.00 and a beta of 1.10. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm has a 50-day moving average price of $1.95.

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.