Insider Buying: Globalstar, Inc. (NYSEARCA:GSAT) Director Acquires 25,000 Shares of Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III acquired 25,000 shares of the stock in a transaction on Tuesday, March 18th. The stock was acquired at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the acquisition, the director now directly owns 847,273 shares in the company, valued at $17,623,278.40. This represents a 3.04 % increase in their position. The acquisition 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, December 26th, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was acquired at an average cost of $2.10 per share, with a total value of $1,050,000.00.
• On Monday, December 23rd, James Monroe III acquired 500,000 shares of Globalstar stock. The shares were acquired at an average cost of $1.93 per share, for a total transaction of $965,000.00.
• On Friday, December 20th, James Monroe III bought 500,000 shares of Globalstar stock. The stock was acquired at an average cost of $1.97 per share, with a total value of $985,000.00.
• On Wednesday, December 18th, James Monroe III purchased 500,000 shares of Globalstar stock. The shares were bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00.

Globalstar Price Performance

Shares of NYSEARCA GSAT opened at $20.78 on Wednesday. The firm has a 50-day simple moving average of $12.22. The stock has a market capitalization of $39.36 billion, a P/E ratio of -692.67 and a beta of 1.07. Globalstar, Inc. has a 12-month low of $15.00 and a 12-month high of $41.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Institutional Investors Weigh In On Globalstar

A number of institutional investors and hedge funds have recently bought and sold shares of GSAT. XTX Topco Ltd lifted its holdings in Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares in the last quarter. FMR LLC lifted its stake in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the period. Barclays PLC boosted its position in Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after acquiring an additional 340,476 shares during the last quarter. State Street Corp grew its stake in Globalstar by 3.4% in the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after acquiring an additional 603,285 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GSAT shares. Morgan Stanley boosted their price objective on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Craig Hallum lowered their price target on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, B. Riley lifted their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a 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.