Globalstar (NYSEARCA:GSAT) Trading 3.9% Higher After Insider Buying Activity

Globalstar, Inc. (NYSEARCA:GSAT) shares were up 3.9% during mid-day trading on Friday after an insider bought additional shares in the company. The company traded as high as $22.25 and last traded at $22.47. Approximately 227,694 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 672,732 shares. The stock had previously closed at $21.62.

Specifically, Director James Monroe III bought 25,000 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $21.83 per share, for a total transaction of $545,750.00. Following the completion of the acquisition, the director now owns 897,273 shares of the company’s stock, valued at approximately $19,587,469.59. This trade represents a 2.87 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Monroe III acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The stock was purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director now owns 847,273 shares in the company, valued at $17,623,278.40. The trade was a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GSAT. Morgan Stanley boosted their price objective on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Craig Hallum lowered their price target on shares of 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 raised their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Trading Up 3.1 %

The business has a fifty day moving average of $13.00. 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 firm has a market cap of $42.23 billion, a P/E ratio of -743.53 and a beta of 1.07.

Institutional Investors Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Globalstar by 0.7% during the fourth 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 in the last quarter. Greenhouse Funds LLLP lifted its position in shares of Globalstar by 14.2% during the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock worth $54,839,000 after purchasing an additional 3,300,470 shares in the last quarter. Capital Research Global Investors acquired a new position in shares of Globalstar during the fourth quarter worth $36,997,000. State Street Corp lifted its position in shares of Globalstar by 3.4% during the third 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 in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.