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

FMR LLC raised its stake in Globalstar, Inc. (NYSE:GSAT - Free Report) by 32.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,473,492 shares of the company's stock after acquiring an additional 1,102,776 shares during the quarter. FMR LLC owned approximately 0.24% of Globalstar worth $5,547,000 as of its most recent SEC filing.

Separately, Charles Schwab Investment Management Inc. increased 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 worth $7,671,000 after purchasing an additional 196,644 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Globalstar from a "sell" rating to a "hold" rating in a research note on Monday, November 11th.

Globalstar Trading Down 2.5 %

GSAT traded down $0.05 on Friday, reaching $1.95. The stock had a trading volume of 21,525,106 shares, compared to its average volume of 7,878,825. The firm's 50-day moving average price is $1.92. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The stock has a market cap of $3.69 billion, a P/E ratio of -65.00 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Insider Activity

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 38,624 shares of the company's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $2.08, for a total value of $80,337.92. Following the sale, the general counsel now owns 2,057,241 shares in the company, valued at approximately $4,279,061.28. The trade was a 1.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Monroe III bought 530,000 shares of Globalstar stock in a transaction that occurred on 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 completion of the acquisition, the director now directly owns 6,834,090 shares of the company's stock, valued at $12,984,771. The trade was a 8.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 166,312 shares of company stock valued at $334,313 over the last quarter. 61.00% of the stock is owned by company insiders.

About Globalstar

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.