Royce & Associates LP Sells 5,535,611 Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT)

Royce & Associates LP lessened its position in Globalstar, Inc. (NYSEAMERICAN:GSAT - Free Report) by 54.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,708,344 shares of the company's stock after selling 5,535,611 shares during the period. Royce & Associates LP owned about 0.25% of Globalstar worth $5,838,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in GSAT. American International Group Inc. increased its stake in shares of Globalstar by 2.5% in the 1st quarter. American International Group Inc. now owns 357,070 shares of the company's stock valued at $525,000 after acquiring an additional 8,706 shares during the last quarter. PFG Investments LLC boosted its holdings in shares of Globalstar by 83.3% in the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company's stock valued at $25,000 after buying an additional 10,000 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Globalstar by 12.2% during the 1st quarter. ProShare Advisors LLC now owns 130,174 shares of the company's stock valued at $191,000 after purchasing an additional 14,166 shares during the last quarter. Inspire Investing LLC lifted its holdings in Globalstar by 4.7% during the 3rd quarter. Inspire Investing LLC now owns 333,479 shares of the company's stock valued at $414,000 after purchasing an additional 14,862 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in Globalstar during the 1st quarter worth $26,000. Institutional investors and hedge funds own 18.89% of the company's stock.

Insider Activity

In other news, VP Timothy Evan Taylor sold 395,000 shares of the business's stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. The trade was a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Rebecca Clary sold 75,000 shares of the business's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the completion of the transaction, the chief financial officer now owns 1,418,745 shares of the company's stock, valued at $1,773,431.25. This represents a 5.02 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 61.00% of the company's stock.

Analyst Ratings Changes

Separately, Craig Hallum lifted their target price on Globalstar from $4.00 to $5.00 and gave the company a "buy" rating in a research report on Monday, November 4th.

Globalstar Price Performance

GSAT traded down $0.09 during trading on Monday, reaching $1.71. 21,994,201 shares of the company were exchanged, compared to its average volume of 6,861,001. The company's 50-day moving average is $1.25 and its two-hundred day moving average is $1.24. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -60.00 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.13.

About Globalstar

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.