Intech Investment Management LLC Grows Position in Globalstar, Inc. (NYSEARCA:GSAT)

Intech Investment Management LLC grew its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 134.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 376,339 shares of the company’s stock after buying an additional 216,093 shares during the period. Intech Investment Management LLC’s holdings in Globalstar were worth $779,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. PFG Investments LLC purchased a new position in Globalstar in the 4th quarter worth $25,000. IRON Financial LLC purchased a new stake in Globalstar in the fourth quarter valued at approximately $29,000. Sequoia Financial Advisors LLC acquired a new position in Globalstar in the 4th quarter worth approximately $35,000. Vontobel Holding Ltd. purchased a new position in Globalstar during the 4th quarter worth approximately $41,000. Finally, Masso Torrence Wealth Management Inc. acquired a new stake in Globalstar during the 4th quarter valued at approximately $52,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Paul E. Jacobs sold 14,539 shares of Globalstar stock in a transaction that occurred 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 transaction, the chief executive officer now owns 84,815 shares in the company, valued at approximately $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Monroe III acquired 500,000 shares of the stock in a transaction on Thursday, December 26th. The shares were bought at an average cost of $2.10 per share, for a total transaction of $1,050,000.00. Following the purchase, the director now directly owns 11,334,090 shares of the company’s stock, valued at $23,801,589. The trade was a 4.62 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 550,000 shares of company stock valued at $2,115,750 and have sold 48,796 shares valued at $787,368. 60.76% of the stock is currently owned by corporate insiders.

Globalstar Price Performance

Shares of NYSEARCA:GSAT opened at $21.97 on Monday. 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 1 year low of $15.00 and a 1 year high of $41.10. The firm has a market capitalization of $41.62 billion, a price-to-earnings ratio of -732.33 and a beta of 1.07. The stock has a 50 day moving average price of $13.40.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GSAT shares. B. Riley increased their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Craig Hallum reduced their price objective 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 upped their target price on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th.

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.