Globalstar (NYSEARCA:GSAT) Stock Price Up 3.9% After Insider Buying Activity

Shares of Globalstar, Inc. (NYSEARCA:GSAT) rose 3.9% during mid-day trading on Friday after an insider bought additional shares in the company. The company traded as high as $22.25 and last traded at $22.47. Approximately 227,694 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 672,732 shares. The stock had previously closed at $21.62.

Specifically, Director James Monroe III acquired 25,000 shares of Globalstar stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $21.83 per share, with a total value of $545,750.00. Following the purchase, the director now owns 897,273 shares in the company, valued at approximately $19,587,469.59. The trade was a 2.87 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Monroe III purchased 25,000 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were purchased at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the purchase, the director now directly owns 847,273 shares in the company, valued at approximately $17,623,278.40. This represents a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GSAT. B. Riley raised their price target on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Craig Hallum cut their price target on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Morgan Stanley raised their price target on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th.

Globalstar Trading Up 1.6 %

The firm has a market capitalization of $41.62 billion, a PE ratio of -732.33 and a beta of 1.07. The business’s fifty day moving average is $13.40. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Institutional Trading of Globalstar

Institutional investors have recently modified their holdings of the company. PFG Investments LLC acquired a new stake in Globalstar in the 4th quarter valued at $25,000. IRON Financial LLC acquired a new stake in Globalstar in the 4th quarter valued at $29,000. Mariner LLC boosted its stake in Globalstar by 30.9% in the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after buying an additional 3,307 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Globalstar in the 4th quarter worth about $33,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Globalstar during the 4th quarter worth about $35,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.