Globalstar, Inc. (NYSEARCA:GSAT) Director Acquires $4,718,975.92 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III bought 209,546 shares of the firm’s stock in a transaction on Friday, March 28th. The stock was purchased at an average price of $22.52 per share, for a total transaction of $4,718,975.92. Following the completion of the acquisition, the director now directly owns 790,097 shares in the company, valued at $17,792,984.44. The trade was a 36.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

James Monroe III also recently made the following trade(s):

• On Thursday, March 20th, James Monroe III purchased 25,000 shares of Globalstar stock. The shares were purchased at an average cost of $21.83 per share, for a total transaction of $545,750.00.
• On Tuesday, March 18th, James Monroe III acquired 25,000 shares of Globalstar stock. The stock was acquired at an average price of $20.80 per share, with a total value of $520,000.00.

Globalstar Price Performance

GSAT stock opened at $21.28 on Friday. The business’s fifty day moving average price is $15.49 and its 200 day moving average price is $7.10. Globalstar, Inc. has a 12-month low of $15.00 and a 12-month high of $41.10. 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 company has a market capitalization of $40.31 billion, a PE ratio of -709.33 and a beta of 1.07.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GSAT. Morgan Stanley upped their price target on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Craig Hallum decreased their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, B. Riley lifted 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.

Institutional Trading of Globalstar

Several hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Globalstar by 1.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 251,887 shares of the company’s stock valued at $521,000 after purchasing an additional 4,545 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Globalstar in the 4th quarter valued at approximately $33,000. B. Riley Wealth Advisors Inc. grew its stake in shares of Globalstar by 48.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock worth $47,000 after acquiring an additional 7,500 shares in the last quarter. Ashford Capital Management Inc. increased its position in shares of Globalstar by 68.9% during the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock worth $25,605,000 after acquiring an additional 5,047,600 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Globalstar by 15.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,569,896 shares of the company’s stock valued at $3,250,000 after acquiring an additional 211,803 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.