Globalstar, Inc. (NYSEARCA:GSAT) Director Purchases $545,750.00 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III bought 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $21.83 per share, with a total value of $545,750.00. Following the transaction, the director now owns 897,273 shares of the company’s stock, valued at $19,587,469.59. This represents a 2.87 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

James Monroe III also recently made the following trade(s):

• On Tuesday, March 18th, James Monroe III bought 25,000 shares of Globalstar stock. The stock was acquired at an average cost of $20.80 per share, with a total value of $520,000.00.
• On Thursday, December 26th, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was purchased at an average cost of $2.10 per share, with a total value of $1,050,000.00.
• On Monday, December 23rd, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was purchased at an average cost of $1.93 per share, with a total value of $965,000.00.
• On Friday, December 20th, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was purchased at an average cost of $1.97 per share, with a total value of $985,000.00.

Globalstar Stock Down 0.4 %

Shares of NYSEARCA GSAT traded down $0.08 during mid-day trading on Thursday, reaching $21.62. 531,913 shares of the company were exchanged, compared to its average volume of 674,140. The firm’s 50-day moving average is $12.61. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The company has a market capitalization of $40.95 billion, a PE ratio of -720.67 and a beta of 1.07. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10.

Institutional Trading of Globalstar

Hedge funds have recently modified their holdings of the stock. Capital Research Global Investors acquired a new stake in Globalstar in the 4th quarter worth about $36,997,000. Wolf Hill Capital Management LP raised its stake in Globalstar by 80.0% in the 4th quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after purchasing an additional 5,799,366 shares in the last quarter. Ashford Capital Management Inc. raised its stake in Globalstar by 68.9% in the 4th quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock worth $25,605,000 after purchasing an additional 5,047,600 shares in the last quarter. AGF Management Ltd. acquired a new stake in Globalstar in the 4th quarter worth about $7,873,000. Finally, Greenhouse Funds LLLP raised its stake in Globalstar by 14.2% in the 4th quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock worth $54,839,000 after purchasing an additional 3,300,470 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley lifted their price objective on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Craig Hallum decreased their price objective on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Finally, B. Riley lifted their price objective on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th.

Globalstar Company 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.