Globalstar (NYSEARCA:GSAT) Trading 8.7% Higher Following Analyst Upgrade

Globalstar, Inc. (NYSEARCA:GSAT) shares traded up 8.7% on Wednesday after Morgan Stanley raised their price target on the stock from $14.85 to $25.00. Morgan Stanley currently has an equal weight rating on the stock. Globalstar traded as high as $21.48 and last traded at $21.28. 183,182 shares changed hands during trading, a decline of 81% from the average session volume of 988,488 shares. The stock had previously closed at $19.57.

Several other equities analysts also recently commented on GSAT. StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum lifted 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, B. Riley upped 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.

Insider Buying and Selling at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 3,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the sale, the vice president now owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Monroe III acquired 530,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was acquired at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the purchase, the director now directly owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This represents a 8.41 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Insiders own 60.76% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its stake in shares of Globalstar by 24.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock worth $307,000 after purchasing an additional 48,566 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Globalstar by 13.9% during the third quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company’s stock worth $607,000 after buying an additional 59,954 shares in the last quarter. Van ECK Associates Corp raised its position in Globalstar by 34.2% in the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock valued at $561,000 after buying an additional 115,359 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in Globalstar in the 3rd quarter valued at $27,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new position in Globalstar during the 3rd quarter valued at $39,000. Institutional investors own 18.89% of the company’s stock.

Globalstar Trading Up 9.5 %

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The stock has a market capitalization of $40.59 billion, a PE ratio of -714.13 and a beta of 1.07. The stock has a fifty day simple moving average of $6.31.

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.