Penserra Capital Management LLC Cuts Stake in Globalstar, Inc. (NYSE:GSAT)

Penserra Capital Management LLC decreased its stake in Globalstar, Inc. (NYSE:GSAT) by 1.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,326,224 shares of the company’s stock after selling 15,664 shares during the quarter. Penserra Capital Management LLC’s holdings in Globalstar were worth $1,644,000 as of its most recent SEC filing.

Separately, Charles Schwab Investment Management Inc. lifted its position in Globalstar by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after acquiring an additional 196,644 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Globalstar Stock Down 2.7 %

Globalstar stock opened at $1.82 on Wednesday. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.13. 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 cap of $3.44 billion, a P/E ratio of -60.67 and a beta of 0.88.

Globalstar Profile

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.