Vontobel Holding Ltd. Takes $41,000 Position in Globalstar, Inc. (NYSEARCA:GSAT)

Vontobel Holding Ltd. acquired a new stake in Globalstar, Inc. (NYSEARCA:GSAT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 20,000 shares of the company’s stock, valued at approximately $41,000.

Several other large investors have also modified their holdings of GSAT. Wealth Enhancement Advisory Services LLC raised its position in Globalstar by 24.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock worth $307,000 after acquiring an additional 48,566 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Globalstar by 13.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company’s stock worth $607,000 after purchasing an additional 59,954 shares in the last quarter. Van ECK Associates Corp increased its position in Globalstar by 34.2% during the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after purchasing an additional 115,359 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in Globalstar during the 3rd quarter worth about $27,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new stake in Globalstar in the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Buying and Selling

In other news, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s 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 sale, 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 disclosure for this sale can be found here. In the last three months, insiders purchased 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. 60.76% of the stock is owned by company insiders.

Analysts Set New Price Targets

GSAT has been the subject of several research analyst reports. Craig Hallum upped their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, B. Riley increased their target price on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday.

Globalstar Price Performance

Globalstar stock opened at $20.67 on Friday. The stock has a fifty day simple moving average of $5.59. The company has a current ratio of 1.09, a quick ratio of 0.99 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. The firm has a market capitalization of $39.15 billion, a P/E ratio of -689.00 and a beta of 1.07.

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.