Intellectus Partners LLC Trims Position in Globalstar, Inc. (NYSEARCA:GSAT)

Intellectus Partners LLC cut its holdings in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 245,510 shares of the company’s stock after selling 10,000 shares during the quarter. Intellectus Partners LLC’s holdings in Globalstar were worth $508,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of GSAT. Bank of New York Mellon Corp raised its position in Globalstar by 51.4% during the 4th quarter. Bank of New York Mellon Corp now owns 3,310,267 shares of the company’s stock worth $6,852,000 after buying an additional 1,123,307 shares during the last quarter. FMR LLC raised its position in Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after buying an additional 1,102,776 shares during the last quarter. XTX Topco Ltd raised its position in Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after buying an additional 949,025 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Globalstar by 190.2% during the 4th quarter. Van ECK Associates Corp now owns 1,312,400 shares of the company’s stock valued at $2,717,000 after purchasing an additional 860,133 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after purchasing an additional 603,285 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, General Counsel L Barbee Iv Ponder sold 38,624 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $2.08, for a total transaction of $80,337.92. Following the completion of the sale, the general counsel now owns 2,057,241 shares of the company’s stock, valued at $4,279,061.28. This represents a 1.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Monroe III bought 530,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the acquisition, the director now directly owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This represents a 8.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,030,000 shares of company stock valued at $5,987,000 and sold 3,590,851 shares valued at $7,962,454. 60.76% of the stock is owned by insiders.

Analyst Ratings Changes

GSAT has been the subject of several recent research reports. Craig Hallum cut their target price 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. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Morgan Stanley lifted their target price on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Finally, B. Riley lifted their target price on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, February 19th.

Globalstar Stock Performance

Shares of NYSEARCA GSAT opened at $23.09 on Friday. The stock has a market cap of $43.74 billion, a price-to-earnings ratio of -769.67 and a beta of 1.07. The business has a fifty day moving average of $9.49. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. Globalstar, Inc. has a one year low of $15.00 and a one year high of $41.10.

Globalstar 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.