Geode Capital Management LLC Grows Position in Globalstar, Inc. (NYSE:GSAT)

Geode Capital Management LLC lifted its position in Globalstar, Inc. (NYSE:GSAT - Free Report) by 2.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,812,336 shares of the company's stock after buying an additional 382,288 shares during the period. Geode Capital Management LLC owned about 0.89% of Globalstar worth $20,852,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GSAT. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar during the third quarter valued at $56,000. Sender Co & Partners Inc. purchased a new stake in shares of Globalstar during the 3rd quarter valued at about $106,000. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company's stock worth $161,000 after acquiring an additional 117,864 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Globalstar by 26.4% during the third 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. Finally, XTX Topco Ltd lifted its position in Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company's stock valued at $1,211,000 after purchasing an additional 949,025 shares during the period. Hedge funds and other institutional investors own 18.89% of the company's stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Globalstar from a "sell" rating to a "hold" rating in a research note on Monday, November 11th.

Insider Activity

In related news, Director William A. Hasler sold 90,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total value of $173,700.00. Following the completion of the sale, the director now directly owns 848,668 shares of the company's stock, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the transaction, 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 quarter, insiders acquired 2,530,000 shares of company stock valued at $4,937,000 and sold 3,666,312 shares valued at $8,104,313. Insiders own 61.00% of the company's stock.

Globalstar Trading Up 0.9 %

GSAT stock traded up $0.02 during trading on Friday, reaching $2.15. The stock had a trading volume of 20,154,000 shares, compared to its average volume of 8,127,934. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -71.67 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The firm's 50 day moving average is $2.00. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74.

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.