HighMark Wealth Management LLC Reduces Stake in Globalstar, Inc. (NYSEARCA:GSAT)

HighMark Wealth Management LLC lowered its position in Globalstar, Inc. (NYSEARCA:GSAT) by 72.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,500 shares of the company’s stock after selling 130,000 shares during the quarter. HighMark Wealth Management LLC’s holdings in Globalstar were worth $100,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GSAT. PFG Investments LLC bought a new stake in shares of Globalstar during the fourth quarter worth $25,000. CWA Asset Management Group LLC acquired a new stake in shares of Globalstar in the 3rd quarter worth $27,000. IRON Financial LLC acquired a new position in Globalstar during the 4th quarter valued at approximately $29,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Globalstar during the third quarter worth $39,000. Finally, Vontobel Holding Ltd. purchased a new stake in shares of Globalstar during the fourth quarter valued at $41,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Up 2.5 %

GSAT opened at $22.66 on Tuesday. The firm has a market cap of $42.92 billion, a P/E ratio of -755.33 and a beta of 1.07. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10. The stock’s 50-day moving average is $3.98. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Analysts Set New Price Targets

A number of analysts have commented on GSAT shares. Craig Hallum lifted their price target on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Insiders Place Their Bets

In other news, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the completion of the sale, the vice president now owns 6,383,649 shares of the company’s stock, valued at $14,171,700.78. This represents a 35.41 % 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 purchased 530,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the transaction, the director now directly owns 6,834,090 shares of the company’s stock, valued at $12,984,771. The trade was a 8.41 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. 60.76% of the stock is owned by company insiders.

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.