AGF Management Ltd. Takes Position in Globalstar, Inc. (NYSEARCA:GSAT)

AGF Management Ltd. acquired a new position in shares of Globalstar, Inc. (NYSEARCA:GSAT) in the 4th quarter, HoldingsChannel reports. The firm acquired 3,803,484 shares of the company’s stock, valued at approximately $7,873,000.

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

Globalstar Stock Performance

Shares of GSAT opened at $22.16 on Thursday. The stock’s 50-day simple moving average is $10.69. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. Globalstar, Inc. has a 1 year low of $15.00 and a 1 year high of $41.10. The firm has a market capitalization of $41.98 billion, a PE ratio of -738.67 and a beta of 1.07.

Insider Buying and Selling

In other news, CEO Paul E. Jacobs sold 7,087 shares of Globalstar stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total value of $156,977.05. Following the completion of the transaction, the chief executive officer now owns 12,374 shares in the company, valued at approximately $274,084.10. This trade represents a 36.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Monroe III bought 530,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the purchase, the director now directly owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This trade represents a 8.41 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 22,463 shares valued at $206,989. 60.76% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on GSAT. Morgan Stanley boosted their price objective 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. B. Riley upped their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Craig Hallum dropped 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.

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.