Point72 Asia Singapore Pte. Ltd. Acquires 117,864 Shares of Globalstar, Inc. (NYSE:GSAT)

Point72 Asia Singapore Pte. Ltd. boosted its holdings in Globalstar, Inc. (NYSE:GSAT) by 1,000.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,644 shares of the company’s stock after buying an additional 117,864 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Globalstar were worth $161,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Globalstar during the third quarter valued at approximately $56,000. BNP Paribas Financial Markets increased its position in shares of Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares during the period. FMR LLC increased its position in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares during the period. 18.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Globalstar Stock Down 0.5 %

Shares of GSAT stock opened at $2.09 on Thursday. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $3.96 billion, a P/E ratio of -69.67 and a beta of 1.10. Globalstar, Inc. has a one year low of $1.00 and a one year high of $2.29.

Insiders Place Their Bets

In other news, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the transaction, the director now owns 848,668 shares of the company’s stock, valued at $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 61.00% of the company’s stock.

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.