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

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III purchased 209,546 shares of the stock in a transaction dated Friday, March 28th. The shares were acquired at an average cost of $22.52 per share, for a total transaction of $4,718,975.92. Following the completion of the acquisition, the director now owns 790,097 shares of the company’s stock, valued at approximately $17,792,984.44. This represents a 36.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed 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 bought 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 purchased 25,000 shares of Globalstar stock. The shares were bought at an average cost of $20.80 per share, for a total transaction of $520,000.00.

Globalstar Price Performance

NYSEARCA:GSAT opened at $21.28 on Monday. The company has a market capitalization of $40.31 billion, a P/E ratio of -709.33 and a beta of 1.07. The business’s 50-day moving average is $15.49 and its 200 day moving average is $7.10. 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.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock valued at $155,945,000 after buying an additional 540,882 shares during the period. Greenhouse Funds LLLP raised its stake in shares of Globalstar by 14.2% in the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after acquiring an additional 3,300,470 shares during the period. Capital Research Global Investors bought a new stake in shares of Globalstar in the 4th quarter worth about $36,997,000. State Street Corp boosted its stake in shares of Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after purchasing an additional 580,305 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Globalstar by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after purchasing an additional 382,288 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GSAT shares. Morgan Stanley increased their target price on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Craig Hallum lowered their price objective 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. Finally, B. Riley boosted their target price on shares of Globalstar from $4.00 to $60.00 and gave the company 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.