Rhumbline Advisers increased its holdings in shares of Globalstar, Inc. (NYSE:GSAT – Free Report) by 2.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,021,836 shares of the company’s stock after acquiring an additional 28,496 shares during the period. Rhumbline Advisers owned about 0.05% of Globalstar worth $1,144,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of GSAT. American International Group Inc. increased its holdings in Globalstar by 2.5% during the 1st quarter. American International Group Inc. now owns 357,070 shares of the company’s stock worth $525,000 after purchasing an additional 8,706 shares during the period. Abel Hall LLC purchased a new position in shares of Globalstar in the 4th quarter valued at $26,000. ProShare Advisors LLC increased its holdings in shares of Globalstar by 12.2% in the 1st quarter. ProShare Advisors LLC now owns 130,174 shares of the company’s stock valued at $191,000 after acquiring an additional 14,166 shares during the period. Empowered Funds LLC purchased a new position in shares of Globalstar in the 1st quarter valued at $26,000. Finally, Panagora Asset Management Inc. purchased a new position in Globalstar during the 4th quarter worth $35,000. 18.89% of the stock is owned by institutional investors.
Globalstar Price Performance
Shares of GSAT stock opened at $1.23 on Monday. Globalstar, Inc. has a 1-year low of $1.01 and a 1-year high of $2.13. The stock’s fifty day simple moving average is $1.28. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. The stock has a market cap of $2.34 billion, a P/E ratio of -61.50 and a beta of 0.86.
Insider Buying and Selling
In other news, Director James Monroe III purchased 4,510,855 shares of the stock in a transaction on Friday, June 28th. The stock was bought at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the transaction, the director now owns 8,708,254 shares in the company, valued at approximately $9,230,749.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Monroe III purchased 4,510,855 shares of the stock in a transaction on Friday, June 28th. The shares were purchased at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the transaction, the director now owns 8,708,254 shares in the company, valued at approximately $9,230,749.24. The disclosure for this purchase can be found here. 61.00% of the stock is owned by company insiders.
Globalstar 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.
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