Corient Private Wealth LLC Reduces Stock Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Corient Private Wealth LLC decreased its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 65.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 107,700 shares of the company’s stock after selling 199,700 shares during the quarter. Corient Private Wealth LLC’s holdings in Globalstar were worth $223,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new position in Globalstar during the 4th quarter worth approximately $35,000. AGF Management Ltd. acquired a new stake in shares of Globalstar in the fourth quarter valued at approximately $7,873,000. Black Swift Group LLC purchased a new position in shares of Globalstar during the fourth quarter worth approximately $52,000. Raymond James Financial Inc. acquired a new position in shares of Globalstar in the 4th quarter valued at $698,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Globalstar by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,262,448 shares of the company’s stock valued at $12,963,000 after acquiring an additional 76,436 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

Insiders Place Their Bets

In other Globalstar news, CEO Paul E. Jacobs sold 14,539 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was 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 of the company’s stock, valued at approximately $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Monroe III acquired 209,546 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The shares were bought at an average cost of $22.52 per share, for a total transaction of $4,718,975.92. Following the purchase, the director now owns 790,097 shares of the company’s stock, valued at approximately $17,792,984.44. The trade was a 36.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 259,546 shares of company stock worth $5,784,726 and sold 48,796 shares worth $787,368. 60.76% of the stock is currently owned by company insiders.

Globalstar Price Performance

Globalstar stock opened at $20.71 on Wednesday. The firm has a market capitalization of $39.23 billion, a PE ratio of -690.33 and a beta of 1.07. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. The firm’s 50-day simple moving average is $16.24 and its 200 day simple moving average is $7.15. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Analysts Set New Price Targets

Several research analysts have issued reports on GSAT shares. Morgan Stanley raised their price objective on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Craig Hallum lowered their price target on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, B. Riley upped their price objective on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

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.