Globalstar (NYSEARCA:GSAT) Trading Up 8.7% on Analyst Upgrade

Shares of Globalstar, Inc. (NYSEARCA:GSAT) shot up 8.7% during trading on Wednesday after Morgan Stanley raised their price target on the stock from $14.85 to $25.00. Morgan Stanley currently has an equal weight rating on the stock. Globalstar traded as high as $21.48 and last traded at $21.28. 183,182 shares traded hands during trading, a decline of 81% from the average session volume of 988,488 shares. The stock had previously closed at $19.57.

GSAT has been the subject of several other reports. B. Riley boosted their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Craig Hallum boosted their price objective on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Insider Activity

In related news, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the sale, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Monroe III purchased 530,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the acquisition, the director now directly owns 6,834,090 shares of the company’s stock, valued at $12,984,771. This represents a 8.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over 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. Insiders own 60.76% of the company’s stock.

Institutional Trading of Globalstar

Institutional investors and hedge funds have recently modified their holdings of the business. XTX Topco Ltd raised its holdings in shares of Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after purchasing an additional 949,025 shares during the period. FMR LLC increased its holdings in shares of Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares during the period. Barclays PLC increased its holdings in shares of Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after acquiring an additional 340,476 shares during the period. State Street Corp increased its holdings in shares of Globalstar by 3.4% in the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Stock Performance

The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a fifty day moving average price of $6.70. The stock has a market capitalization of $41.18 billion, a price-to-earnings ratio of -724.67 and a beta of 1.07.

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.