Geode Capital Management LLC Reduces Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Geode Capital Management LLC reduced its holdings in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,761,917 shares of the company’s stock after selling 50,419 shares during the period. Geode Capital Management LLC owned about 0.88% of Globalstar worth $34,705,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GSAT. Barclays PLC lifted its stake in shares of Globalstar by 36.6% during the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after buying an additional 340,476 shares in the last quarter. State Street Corp lifted its position 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 valued at $21,804,000 after acquiring an additional 580,305 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Globalstar by 36.3% in the third quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares during the period. Vanguard Group Inc. grew its holdings in Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock valued at $155,945,000 after buying an additional 540,882 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Globalstar by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,262,448 shares of the company’s stock valued at $12,963,000 after buying an additional 76,436 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 7,087 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total value of $156,977.05. Following the completion of the transaction, the chief executive officer now owns 12,374 shares in the company, valued at approximately $274,084.10. This represents a 36.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Monroe III bought 209,546 shares of the firm’s stock in a transaction dated Friday, March 28th. The shares were acquired at an average price of $22.52 per share, for a total transaction of $4,718,975.92. Following the transaction, the director now directly owns 790,097 shares in the company, valued at approximately $17,792,984.44. This represents a 36.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 259,546 shares of company stock valued at $5,784,726 and sold 34,257 shares valued at $755,528. Corporate insiders own 60.76% of the company’s stock.

Globalstar Trading Down 1.2 %

Shares of NYSEARCA GSAT opened at $19.47 on Thursday. The business has a fifty day simple moving average of $20.85 and a two-hundred day simple moving average of $8.46. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10. The firm has a market cap of $36.88 billion, a PE ratio of -649.00 and a beta of 1.07. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GSAT shares. Craig Hallum dropped their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Morgan Stanley raised their price objective on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, B. Riley lifted their target price on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th.

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.