Globalstar (NYSEARCA:GSAT) Price Target Raised to $25.00 at Morgan Stanley

Globalstar (NYSEARCA:GSAT) had its target price boosted by research analysts at Morgan Stanley from $14.85 to $25.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 17.29% from the company’s current price.

Several other brokerages also recently issued reports on GSAT. Craig Hallum increased their price target on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th. B. Riley increased their price target on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Globalstar Stock Up 8.9 %

NYSEARCA GSAT traded up $1.75 on Wednesday, reaching $21.32. The company had a trading volume of 234,092 shares, compared to its average volume of 989,918. The company has a 50 day moving average of $6.31. The company has a market capitalization of $40.37 billion, a PE ratio of -710.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. Globalstar has a 52 week low of $15.00 and a 52 week high of $41.10.

Insider Transactions at Globalstar

In related news, VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the completion of the transaction, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This represents a 35.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the transaction, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is owned by insiders.

Institutional Trading of Globalstar

Hedge funds have recently made changes to their positions in the business. XTX Topco Ltd lifted its position in shares of Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the last quarter. FMR LLC lifted its position in shares of Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the last quarter. Barclays PLC lifted its position in shares of Globalstar by 36.6% in the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after buying an additional 340,476 shares during the last quarter. State Street Corp lifted its position in shares of Globalstar by 3.4% in the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after buying an additional 580,305 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Globalstar by 36.3% in the third quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after buying an additional 603,285 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

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.