Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III Purchases 209,546 Shares

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III bought 209,546 shares of the business’s stock in a transaction dated Friday, March 28th. The shares were bought at an average price of $22.52 per share, with a total value of $4,718,975.92. Following the completion of the transaction, the director now owns 790,097 shares in the company, valued at approximately $17,792,984.44. This trade represents a 36.09 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, March 20th, James Monroe III bought 25,000 shares of Globalstar stock. The stock was purchased at an average cost of $21.83 per share, for a total transaction of $545,750.00.
• On Tuesday, March 18th, James Monroe III purchased 25,000 shares of Globalstar stock. The shares were purchased at an average price of $20.80 per share, for a total transaction of $520,000.00.

Globalstar Trading Down 5.5 %

Shares of GSAT stock traded down $1.24 during trading hours on Friday, hitting $21.28. 590,091 shares of the company’s stock traded hands, compared to its average volume of 688,920. The stock has a market cap of $40.31 billion, a PE ratio of -709.33 and a beta of 1.07. The stock’s 50 day simple moving average is $15.10 and its 200 day simple moving average is $7.00. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Globalstar by 1.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 251,887 shares of the company’s stock worth $521,000 after acquiring an additional 4,545 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Globalstar during the 4th quarter valued at about $33,000. B. Riley Wealth Advisors Inc. grew its stake in Globalstar by 48.9% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock worth $47,000 after purchasing an additional 7,500 shares during the period. Ashford Capital Management Inc. increased its holdings in Globalstar by 68.9% in the fourth 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Globalstar by 15.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,569,896 shares of the company’s stock valued at $3,250,000 after buying an additional 211,803 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GSAT has been the topic of several recent analyst reports. Morgan Stanley lifted their price target on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. B. Riley boosted their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Craig Hallum dropped their target price on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 28th.

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.