Globalstar, Inc. (NYSEARCA:GSAT) Director Acquires $520,000.00 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director now owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This trade represents a 3.04 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, December 26th, James Monroe III acquired 500,000 shares of Globalstar stock. The shares were purchased at an average price of $2.10 per share, with a total value of $1,050,000.00.
• On Monday, December 23rd, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was bought at an average cost of $1.93 per share, for a total transaction of $965,000.00.
• On Friday, December 20th, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was bought at an average cost of $1.97 per share, for a total transaction of $985,000.00.
• On Wednesday, December 18th, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00.

Globalstar Stock Down 3.8 %

Shares of GSAT stock traded down $0.83 during trading on Tuesday, reaching $20.78. The company’s stock had a trading volume of 742,237 shares, compared to its average volume of 671,207. The firm’s fifty day moving average is $11.84. 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 stock has a market capitalization of $39.36 billion, a P/E ratio of -692.67 and a beta of 1.07. Globalstar, Inc. has a one year low of $15.00 and a one year high of $41.10.

Institutional Trading of Globalstar

A number of institutional investors have recently made changes to their positions in GSAT. Capital Research Global Investors bought a new stake in Globalstar during the fourth quarter worth $36,997,000. Wolf Hill Capital Management LP raised its position in Globalstar by 80.0% during the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after acquiring an additional 5,799,366 shares in the last quarter. Ashford Capital Management Inc. raised its position in Globalstar by 68.9% during the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock worth $25,605,000 after acquiring an additional 5,047,600 shares in the last quarter. AGF Management Ltd. bought a new stake in Globalstar during the fourth quarter worth $7,873,000. Finally, Greenhouse Funds LLLP raised its position in Globalstar by 14.2% during the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock worth $54,839,000 after acquiring an additional 3,300,470 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on GSAT shares. Morgan Stanley lifted their price target on shares of 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 lifted their price target on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Craig Hallum cut their price target on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th.

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.