Globalstar, Inc. (NYSEARCA:GSAT) Stake Increased by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 190.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,312,400 shares of the company’s stock after acquiring an additional 860,133 shares during the quarter. Van ECK Associates Corp owned approximately 0.07% of Globalstar worth $2,717,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. PFG Investments LLC acquired a new position in shares of Globalstar in the fourth quarter worth $25,000. CWA Asset Management Group LLC acquired a new position in shares of Globalstar in the third quarter worth $27,000. IRON Financial LLC acquired a new position in shares of Globalstar in the fourth quarter worth $29,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in shares of Globalstar in the third quarter worth $39,000. Finally, Masso Torrence Wealth Management Inc. acquired a new position in shares of Globalstar in the fourth quarter worth $52,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 14,539 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the transaction, the chief executive officer now owns 84,815 shares in the company, valued at $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rebecca Clary sold 37,688 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $2.13, for a total transaction of $80,275.44. Following the transaction, the chief financial officer now owns 1,396,027 shares of the company’s stock, valued at approximately $2,973,537.51. This represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. 60.76% of the stock is owned by corporate insiders.

Globalstar Stock Performance

NYSEARCA GSAT opened at $22.26 on Friday. 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 50-day moving average of $5.22. 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 $42.16 billion, a PE ratio of -742.00 and a beta of 1.07.

Analysts Set New Price Targets

Several equities analysts have commented on GSAT shares. B. Riley increased their target price on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday. Craig Hallum increased their target price on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

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.