Globalstar, Inc. (NYSEARCA:GSAT) Director Buys $4,718,975.92 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III purchased 209,546 shares of the firm’s stock in a transaction dated Friday, March 28th. The shares were acquired at an average cost of $22.52 per share, with a total value of $4,718,975.92. Following the completion of the purchase, the director now directly owns 790,097 shares in the company, valued at approximately $17,792,984.44. This represents a 36.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

James Monroe III also recently made the following trade(s):

• On Thursday, March 20th, James Monroe III purchased 25,000 shares of Globalstar stock. The stock was acquired at an average price of $21.83 per share, for a total transaction of $545,750.00.
• On Tuesday, March 18th, James Monroe III acquired 25,000 shares of Globalstar stock. The shares were acquired at an average price of $20.80 per share, with a total value of $520,000.00.

Globalstar Stock Performance

Shares of GSAT traded down $1.24 during trading hours on Friday, hitting $21.28. The company had a trading volume of 590,091 shares, compared to its average volume of 688,920. The business has a fifty day moving average of $15.10 and a 200-day moving average of $7.00. 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 $40.31 billion, a price-to-earnings ratio of -709.33 and a beta of 1.07. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently made changes to their positions in GSAT. PFG Investments LLC acquired a new position in Globalstar in the 4th quarter valued at $25,000. IRON Financial LLC acquired a new position in shares of Globalstar in the fourth quarter valued at about $29,000. Mariner LLC increased its position in Globalstar by 30.9% during the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after acquiring an additional 3,307 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Globalstar in the 4th quarter worth about $33,000. Finally, Sequoia Financial Advisors LLC bought a new stake in Globalstar in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Morgan Stanley increased their price target on 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 decreased their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, B. Riley upped their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th.

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.