FNY Investment Advisers LLC Acquires 38,685 Shares of Globalstar, Inc. (NYSEARCA:GSAT)

FNY Investment Advisers LLC lifted its holdings in Globalstar, Inc. (NYSEARCA:GSAT) by 261.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,465 shares of the company’s stock after purchasing an additional 38,685 shares during the quarter. FNY Investment Advisers LLC’s holdings in Globalstar were worth $110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWA Asset Management Group LLC bought a new stake in Globalstar in the 3rd quarter worth about $27,000. XTX Topco Ltd purchased a new stake in shares of Globalstar during the 2nd quarter valued at about $31,000. Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Globalstar in the third quarter worth approximately $39,000. Procyon Advisors LLC bought a new stake in shares of Globalstar in the third quarter worth approximately $47,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Globalstar during the third quarter valued at approximately $56,000. 18.89% of the stock is owned by institutional investors.

Globalstar Trading Up 1.1 %

NYSEARCA GSAT opened at $1.82 on Wednesday. The business has a 50 day simple moving average of $2.04. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. Globalstar, Inc. has a 12 month low of $1.00 and a 12 month high of $2.74. The stock has a market cap of $3.46 billion, a PE ratio of -60.67 and a beta of 0.88.

Insider Activity

In other news, Director James Monroe III acquired 530,000 shares of Globalstar stock in a transaction on Friday, December 13th. The shares were acquired at an average price of $1.90 per share, with a total value of $1,007,000.00. Following the purchase, the director now directly owns 6,834,090 shares in the company, valued at $12,984,771. The trade was a 8.41 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the sale, the vice president now directly owns 6,383,649 shares in the company, valued at $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 3,030,000 shares of company stock worth $5,987,000 and have sold 3,680,851 shares worth $8,136,154. Company insiders own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Craig Hallum raised their price target on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th.

Globalstar 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.