Morgan Stanley Forecasts Strong Price Appreciation for Globalstar (NYSEARCA:GSAT) Stock

Globalstar (NYSEARCA:GSAT) had its price target lifted by Morgan Stanley from $14.85 to $25.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research analysts have also weighed in on the stock. Craig Hallum upped their target price on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. B. Riley increased their price target on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Trading Up 11.1 %

Shares of GSAT opened at $21.74 on Wednesday. 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 business’s 50-day moving average is $6.70. Globalstar has a twelve month low of $15.00 and a twelve month high of $41.10. The firm has a market capitalization of $41.18 billion, a price-to-earnings ratio of -724.67 and a beta of 1.07.

Insider Activity

In related news, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total transaction of $173,700.00. Following the transaction, the director now owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Rebecca Clary sold 37,688 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the transaction, the chief financial officer now directly owns 1,396,027 shares in the company, valued at $2,973,537.51. The trade was a 2.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 3,030,000 shares of company stock worth $5,987,000 and have sold 3,680,851 shares worth $8,136,154. Company insiders own 60.76% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of the company. PFG Investments LLC purchased a new position in Globalstar during the fourth quarter worth approximately $25,000. CWA Asset Management Group LLC purchased a new position in Globalstar during the third quarter worth approximately $27,000. IRON Financial LLC purchased a new position in Globalstar during the fourth quarter worth approximately $29,000. Mariner LLC raised its stake 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 purchasing an additional 3,307 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in Globalstar during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.