Geode Capital Management LLC Buys 382,288 Shares of Globalstar, Inc. (NYSE:GSAT)

Geode Capital Management LLC raised its stake in Globalstar, Inc. (NYSE:GSAT) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,812,336 shares of the company’s stock after acquiring an additional 382,288 shares during the period. Geode Capital Management LLC’s holdings in Globalstar were worth $20,852,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Globalstar by 3.4% in the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after buying an additional 580,305 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Globalstar by 3.3% during the 3rd 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 holdings in Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares during the last quarter. Barclays PLC increased its position in shares of Globalstar by 36.6% in the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after acquiring an additional 340,476 shares during the period. Finally, XTX Topco Ltd increased its position in shares of Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after acquiring an additional 949,025 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Activity

In related news, Director James Monroe III purchased 530,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the purchase, the director now directly owns 6,834,090 shares in the company, valued at approximately $12,984,771. This represents a 8.41 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction that occurred on 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 directly owns 6,383,649 shares in the company, valued at approximately $14,171,700.78. The trade was a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 2,530,000 shares of company stock valued at $4,937,000 and have sold 3,666,312 shares valued at $8,104,313. Insiders own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Performance

NYSE GSAT opened at $2.15 on Friday. The stock has a market cap of $4.07 billion, a PE ratio of -71.67 and a beta of 1.10. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The stock has a 50 day simple moving average of $2.00. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

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.