Tokio Marine Asset Management Co. Ltd. Invests $39,000 in Globalstar, Inc. (NYSEAMERICAN:GSAT)

Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 31,531 shares of the company’s stock, valued at approximately $39,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new stake in Globalstar in the 1st quarter worth $26,000. PFG Investments LLC grew its position in shares of Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after purchasing an additional 10,000 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Globalstar during the third quarter worth about $27,000. Second Line Capital LLC purchased a new position in Globalstar in the 1st quarter worth approximately $34,000. Finally, XTX Topco Ltd purchased a new position in Globalstar in the 2nd quarter worth approximately $31,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Price Performance

Shares of Globalstar stock 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. Globalstar, Inc. has a 12 month low of $1.00 and a 12 month high of $2.13. The stock has a 50 day moving average of $1.25 and a 200 day moving average of $1.24. The firm has a market cap of $3.42 billion, a PE ratio of -60.00 and a beta of 0.88.

Wall Street Analyst Weigh In

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

Insider Activity

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

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.