Tokio Marine Asset Management Co. Ltd. Acquires New Position in Globalstar, Inc. (NYSEAMERICAN:GSAT)

Tokio Marine Asset Management Co. Ltd. bought a new position in Globalstar, Inc. (NYSEAMERICAN:GSAT) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 31,531 shares of the company’s stock, valued at approximately $39,000.

Other institutional investors have also modified their holdings of the company. CWA Asset Management Group LLC purchased a new position in shares of Globalstar during the third quarter valued at $27,000. Van ECK Associates Corp grew its holdings in Globalstar by 34.2% during the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after acquiring an additional 115,359 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Globalstar by 13.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company’s stock valued at $607,000 after purchasing an additional 59,954 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Globalstar by 24.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock valued at $307,000 after purchasing an additional 48,566 shares during the period. Finally, Procyon Advisors LLC bought a new stake in shares of Globalstar in the 3rd quarter valued at about $47,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Trading Down 4.8 %

Shares of NYSEAMERICAN:GSAT opened at $1.80 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $3.42 billion, a PE ratio of -60.00 and a beta of 0.88. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.13. The business’s fifty day simple moving average is $1.25 and its 200-day simple moving average is $1.24.

Insider Buying and Selling at Globalstar

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

Wall Street Analyst Weigh In

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

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.