Pictet Asset Management Holding SA Has $226,000 Stock Position in Globalstar, Inc. (NYSEARCA:GSAT)

Pictet Asset Management Holding SA increased its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 62.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 109,075 shares of the company’s stock after purchasing an additional 41,900 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Globalstar were worth $226,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GSAT. PFG Investments LLC bought a new stake in Globalstar in the fourth quarter valued at approximately $25,000. IRON Financial LLC bought a new stake in Globalstar in the 4th quarter valued at $29,000. Sequoia Financial Advisors LLC acquired a new stake in Globalstar during the 4th quarter valued at $35,000. Vontobel Holding Ltd. bought a new position in Globalstar during the fourth quarter worth $41,000. Finally, Masso Torrence Wealth Management Inc. acquired a new position in shares of Globalstar in the fourth quarter valued at $52,000. 18.89% of the stock is owned by institutional investors.

Globalstar Price Performance

NYSEARCA:GSAT opened at $19.30 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The firm has a market cap of $36.56 billion, a price-to-earnings ratio of -643.33 and a beta of 1.07. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. The firm’s 50-day simple moving average is $19.41 and its 200 day simple moving average is $8.10.

Insider Transactions at Globalstar

In other news, Director James Monroe III purchased 25,000 shares of the business’s stock in a transaction dated Tuesday, March 18th. The stock was bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director now owns 847,273 shares in the company, valued at approximately $17,623,278.40. The trade was a 3.04 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Paul E. Jacobs sold 7,087 shares of Globalstar stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total transaction of $156,977.05. Following the completion of the transaction, the chief executive officer now directly owns 12,374 shares in the company, valued at $274,084.10. This trade represents a 36.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 259,546 shares of company stock valued at $5,784,726 and have sold 34,257 shares valued at $755,528. Insiders own 60.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GSAT. Morgan Stanley raised their target price on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Craig Hallum reduced their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, B. Riley increased their target price on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note 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.