Globalstar, Inc. (NYSEARCA:GSAT) Director Buys $4,718,975.92 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III bought 209,546 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The shares were acquired at an average price of $22.52 per share, for a total transaction of $4,718,975.92. Following the completion of the purchase, the director now owns 790,097 shares in the company, valued at $17,792,984.44. The trade was a 36.09 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

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

Globalstar Stock Down 5.5 %

GSAT stock opened at $21.28 on Friday. The company has a market capitalization of $40.31 billion, a P/E ratio of -709.33 and a beta of 1.07. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The firm’s fifty day simple moving average is $15.49 and its 200-day simple moving average is $7.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its holdings in shares of Globalstar by 57.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock valued at $68,000 after buying an additional 19,946 shares during the period. Intech Investment Management LLC purchased a new position in Globalstar during the third quarter valued at approximately $199,000. Charles Schwab Investment Management Inc. lifted its holdings in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after acquiring an additional 196,644 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Globalstar in the 3rd quarter worth approximately $56,000. Finally, FMR LLC grew its stake in shares of Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after purchasing an additional 1,102,776 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.