Insider Buying: Globalstar, Inc. (NYSEARCA:GSAT) Director Acquires $520,000.00 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were purchased at an average cost of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director now directly owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This trade represents a 3.04 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were purchased at an average cost of $21.83 per share, with a total value of $545,750.00.
• On Thursday, December 26th, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was bought 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 purchased 500,000 shares of Globalstar stock. The stock was bought at an average cost of $1.93 per share, with a total value of $965,000.00.
• On Friday, December 20th, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was bought 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 stock was bought at an average cost of $2.00 per share, with a total value of $1,000,000.00.

Globalstar Price Performance

Globalstar stock opened at $21.62 on Friday. The stock has a market capitalization of $40.95 billion, a PE ratio of -720.67 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 firm has a 50 day simple moving average of $13.00. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently made changes to their positions in GSAT. Mercer Global Advisors Inc. ADV increased its position in shares of Globalstar by 4.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,912 shares of the company’s stock worth $43,000 after purchasing an additional 900 shares in the last quarter. Stifel Financial Corp increased its position in shares of Globalstar by 8.7% during the fourth quarter. Stifel Financial Corp now owns 36,087 shares of the company’s stock worth $75,000 after purchasing an additional 2,894 shares in the last quarter. Mariner LLC increased its position in shares of Globalstar by 30.9% during the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after purchasing an additional 3,307 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Globalstar by 1.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 251,887 shares of the company’s stock worth $521,000 after purchasing an additional 4,545 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Globalstar by 0.8% during the fourth quarter. Legal & General Group Plc now owns 854,923 shares of the company’s stock worth $1,770,000 after purchasing an additional 7,132 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on GSAT. Morgan Stanley boosted their price target 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 decreased their price target 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 boosted their price objective on 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.