Fmr LLC Purchases 1,102,776 Shares of Globalstar, Inc. (NYSE:GSAT)

Fmr LLC raised its stake in shares of Globalstar, Inc. (NYSE:GSAT) by 32.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,473,492 shares of the company’s stock after acquiring an additional 1,102,776 shares during the period. Fmr LLC’s holdings in Globalstar were worth $5,547,000 as of its most recent SEC filing.

Separately, Dynamic Technology Lab Private Ltd bought a new stake in Globalstar during the 3rd quarter worth approximately $56,000. 18.89% of the stock is currently owned by institutional investors.

Globalstar Price Performance

NYSE:GSAT opened at $2.00 on Friday. Globalstar, Inc. has a 1-year low of $1.00 and a 1-year 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 stock has a 50 day moving average price of $1.92. The company has a market cap of $3.78 billion, a P/E ratio of -66.67 and a beta of 1.10.

Insider Transactions at Globalstar

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total transaction of $173,700.00. Following the transaction, the director now directly owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. The trade was a 9.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 37,688 shares of the business’s stock in a transaction dated 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 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 ninety days, insiders sold 166,312 shares of company stock worth $334,313. 61.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

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.