HighTower Advisors LLC Trims Stock Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

HighTower Advisors LLC decreased its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 6.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,064,066 shares of the company’s stock after selling 67,688 shares during the quarter. HighTower Advisors LLC owned approximately 0.06% of Globalstar worth $2,203,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GSAT. PFG Investments LLC bought a new position in shares of Globalstar in the fourth quarter worth about $25,000. IRON Financial LLC bought a new position in shares of Globalstar in the fourth quarter worth about $29,000. Vontobel Holding Ltd. bought a new position in shares of Globalstar in the fourth quarter worth about $41,000. Masso Torrence Wealth Management Inc. bought a new position in shares of Globalstar in the fourth quarter worth about $52,000. Finally, Black Swift Group LLC bought a new position in shares of Globalstar in the fourth quarter worth about $52,000. Institutional investors own 18.89% of the company’s stock.

Insider Activity

In other news, VP Timothy Evan Taylor sold 26,333 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the completion of the sale, the vice president now directly owns 399,244 shares of the company’s stock, valued at approximately $8,799,337.76. The trade was a 6.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Monroe III bought 500,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were bought at an average cost of $1.93 per share, with a total value of $965,000.00. Following the completion of the purchase, the director now directly owns 10,334,090 shares of the company’s stock, valued at approximately $19,944,793.70. This trade represents a 5.08 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 1,050,000 shares of company stock valued at $3,080,750 and sold 48,796 shares valued at $787,368. Insiders own 60.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. B. Riley upped their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Morgan Stanley increased 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. Finally, Craig Hallum dropped 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.

Globalstar Stock Up 1.6 %

GSAT stock opened at $21.97 on Friday. 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 twelve month low of $15.00 and a twelve month high of $41.10. The company has a market capitalization of $41.62 billion, a PE ratio of -732.33 and a beta of 1.07. The company’s fifty day moving average price is $13.40.

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.