Black Swift Group LLC Takes Position in Globalstar, Inc. (NYSEARCA:GSAT)

Black Swift Group LLC acquired a new stake in Globalstar, Inc. (NYSEARCA:GSAT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,000 shares of the company’s stock, valued at approximately $52,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. XTX Topco Ltd grew its holdings in Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after acquiring an additional 949,025 shares during the period. FMR LLC grew its holdings in Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares during the period. Barclays PLC grew its holdings in 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 purchasing an additional 340,476 shares during the period. State Street Corp grew its holdings in 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 purchasing an additional 580,305 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in 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 purchasing an additional 603,285 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $2.19, for a total value of $31,840.41. Following the completion of the sale, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Monroe III acquired 530,000 shares of Globalstar stock in a transaction on Friday, December 13th. The shares were bought at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the purchase, the director now owns 6,834,090 shares in the company, valued at $12,984,771. The trade was a 8.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 3,030,000 shares of company stock valued at $5,987,000 and sold 3,590,851 shares valued at $7,962,454. 60.76% of the stock is owned by company insiders.

Globalstar Price Performance

GSAT opened at $23.09 on Thursday. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The firm has a market cap of $43.74 billion, a PE ratio of -769.67 and a beta of 1.07. 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 business’s fifty day moving average is $8.67.

Wall Street Analyst Weigh In

Several analysts have commented on GSAT shares. Craig Hallum dropped their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Morgan Stanley raised their price objective on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, B. Riley lifted 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.

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.