IRON Financial LLC Buys Shares of 14,000 Globalstar, Inc. (NYSEARCA:GSAT)

IRON Financial LLC bought a new stake in Globalstar, Inc. (NYSEARCA:GSAT) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 14,000 shares of the company’s stock, valued at approximately $29,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. XTX Topco Ltd raised its position in Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the period. FMR LLC grew its stake in Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after acquiring an additional 1,102,776 shares in the last quarter. Barclays PLC increased its holdings in shares of Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after purchasing an additional 340,476 shares during the period. 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 worth $21,804,000 after purchasing an additional 580,305 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Globalstar by 36.3% during the third quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after purchasing an additional 603,285 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Performance

Shares of NYSEARCA GSAT opened at $1.82 on Tuesday. The company has a market cap of $3.45 billion, a PE ratio of -60.67 and a beta of 1.07. The firm has a 50 day moving average price of $1.99. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74.

Analysts Set New Price Targets

A number of research firms have issued reports on GSAT. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Craig Hallum increased their price objective on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Insiders Place Their Bets

In related news, Director James Monroe III bought 530,000 shares of Globalstar stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the acquisition, the director now owns 6,834,090 shares in the company, valued at $12,984,771. This trade represents a 8.41 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the transaction, the chief executive officer now owns 84,815 shares in the company, valued at approximately $185,744.85. This trade represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. Insiders own 60.76% of the company’s stock.

Globalstar Company Profile

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.