Harbor Capital Advisors Inc. Has $639,000 Stake in Globalstar, Inc. (NYSEARCA:GSAT)

Harbor Capital Advisors Inc. trimmed its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 37.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 308,719 shares of the company’s stock after selling 181,036 shares during the period. Harbor Capital Advisors Inc.’s holdings in Globalstar were worth $639,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. XTX Topco Ltd increased its holdings in 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 purchasing an additional 949,025 shares during the period. FMR LLC grew its holdings in Globalstar by 32.7% during 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 period. Barclays PLC grew its holdings in Globalstar by 36.6% during the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after acquiring an additional 340,476 shares during the period. State Street Corp grew its holdings in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings 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 worth $7,671,000 after acquiring an additional 196,644 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Globalstar

In related news, Director James Monroe III purchased 530,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was bought at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the purchase, the director now directly owns 6,834,090 shares in the company, valued at approximately $12,984,771. This trade represents a 8.41 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the sale, the vice president now owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. The trade was a 35.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders bought 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. Company insiders own 61.00% of the company’s stock.

Wall Street Analyst Weigh In

GSAT has been the subject of a number of recent analyst reports. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Craig Hallum increased their price target on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Globalstar Stock Performance

NYSEARCA:GSAT opened at $1.80 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -60.00 and a beta of 0.88. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The company has a 50-day moving average price of $2.04.

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.