Royce & Associates LP Sells 5,535,611 Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT)

Royce & Associates LP cut its stake in Globalstar, Inc. (NYSEAMERICAN:GSAT) by 54.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,708,344 shares of the company’s stock after selling 5,535,611 shares during the period. Royce & Associates LP’s holdings in Globalstar were worth $5,838,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Globalstar by 2.1% during the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after buying an additional 1,494,552 shares during the last quarter. Anson Funds Management LP increased its stake in Globalstar by 38.8% during the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock valued at $15,928,000 after acquiring an additional 3,028,923 shares during the period. Ashford Capital Management Inc. raised its holdings in Globalstar by 1,551.7% in the 1st quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after acquiring an additional 6,602,454 shares in the last quarter. Wolf Hill Capital Management LP lifted its position in shares of Globalstar by 57.3% in the 1st quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock worth $5,153,000 after acquiring an additional 1,276,866 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after purchasing an additional 307,357 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Craig Hallum upped their target price on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Insider Buying and Selling at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This represents a 3.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the transaction, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. This represents a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Globalstar Price Performance

NYSEAMERICAN:GSAT opened at $1.80 on Monday. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of -60.00 and a beta of 0.88. The company has a 50-day moving average of $1.25 and a 200-day moving average of $1.24. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.13. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04.

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.