Globalstar (NYSEARCA:GSAT) Price Target Lowered to $45.00 at Craig Hallum

Globalstar (NYSEARCA:GSAT) had its price target dropped by research analysts at Craig Hallum from $75.00 to $45.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price target would indicate a potential upside of 107.20% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the stock. B. Riley lifted their price objective 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 boosted their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Globalstar Price Performance

Shares of GSAT stock traded up $0.16 on Friday, hitting $21.72. 599,887 shares of the stock traded hands, compared to its average volume of 997,366. Globalstar has a 1-year low of $15.00 and a 1-year high of $41.10. The stock’s fifty day moving average is $7.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The company has a market cap of $41.14 billion, a P/E ratio of -710.17 and a beta of 1.07.

Insider Buying and Selling

In other Globalstar news, VP Timothy Evan Taylor sold 3,500,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total value of $7,770,000.00. Following the sale, the vice president now owns 6,383,649 shares of the company’s stock, valued at $14,171,700.78. The trade was a 35.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Monroe III acquired 530,000 shares of the stock in a transaction dated Friday, December 13th. The stock was bought at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the purchase, the director now owns 6,834,090 shares in the company, valued at approximately $12,984,771. This trade represents a 8.41 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is owned by insiders.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of GSAT. Capital Research Global Investors bought a new stake in Globalstar during the 4th quarter worth about $36,997,000. Wolf Hill Capital Management LP raised its holdings in Globalstar by 80.0% during the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after acquiring an additional 5,799,366 shares in the last quarter. Ashford Capital Management Inc. grew its stake in shares of Globalstar by 68.9% in the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after buying an additional 5,047,600 shares in the last quarter. AGF Management Ltd. acquired a new stake in Globalstar in the fourth quarter valued at $7,873,000. Finally, Greenhouse Funds LLLP grew its position in shares of Globalstar by 14.2% in the 4th 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. 18.89% of the stock is owned by 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.