Merrion Investment Management Co LLC Trims Stake in Globalstar, Inc. (NYSEARCA:GSAT)

Merrion Investment Management Co LLC reduced its position in Globalstar, Inc. (NYSEARCA:GSAT) by 1.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 655,261 shares of the company’s stock after selling 11,000 shares during the period. Globalstar accounts for about 0.9% of Merrion Investment Management Co LLC’s holdings, making the stock its 23rd biggest holding. Merrion Investment Management Co LLC’s holdings in Globalstar were worth $1,356,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC raised 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 during the last quarter. XTX Topco Ltd raised its stake in Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after acquiring an additional 949,025 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after acquiring an additional 603,285 shares during the last quarter. State Street Corp raised its stake in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after acquiring an additional 580,305 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Globalstar by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after acquiring an additional 382,288 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Down 17.8 %

Shares of Globalstar stock opened at $1.57 on Thursday. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of -52.33 and a beta of 1.07. The business’s fifty day simple moving average is $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.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director William A. Hasler sold 90,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now directly owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This trade represents a 9.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction 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 completion of the transaction, 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. In the last quarter, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Corporate insiders own 60.76% of the company’s stock.

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.