AXQ Capital LP Purchases Shares of 36,961 Globalstar, Inc. (NYSEARCA:GSAT)

AXQ Capital LP acquired a new position in shares of Globalstar, Inc. (NYSEARCA:GSAT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 36,961 shares of the company’s stock, valued at approximately $77,000.

Several other large investors also recently made changes to their positions in GSAT. Sei Investments Co. grew its position in Globalstar by 256.0% in the 4th quarter. Sei Investments Co. now owns 63,018 shares of the company’s stock valued at $130,000 after purchasing an additional 45,315 shares during the period. American Century Companies Inc. acquired a new position in shares of Globalstar during the fourth quarter valued at about $299,000. Xponance Inc. increased its position in shares of Globalstar by 17.8% during the fourth quarter. Xponance Inc. now owns 56,330 shares of the company’s stock worth $117,000 after acquiring an additional 8,494 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Globalstar by 134.9% during the fourth quarter. Intech Investment Management LLC now owns 376,339 shares of the company’s stock worth $779,000 after acquiring an additional 216,093 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Globalstar by 263.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 198,443 shares of the company’s stock valued at $411,000 after acquiring an additional 143,882 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Globalstar

In other news, Director James Monroe III purchased 25,000 shares of the stock in a transaction dated Tuesday, March 18th. The shares were purchased at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director now owns 847,273 shares in the company, valued at $17,623,278.40. This represents a 3.04 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Paul E. Jacobs sold 7,087 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total transaction of $156,977.05. Following the completion of the transaction, the chief executive officer now owns 12,374 shares of the company’s stock, valued at $274,084.10. This trade represents a 36.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 550,000 shares of company stock worth $2,115,750 and sold 48,796 shares worth $787,368. Corporate insiders own 60.76% of the company’s stock.

Globalstar Trading Up 6.6 %

Shares of GSAT opened at $23.42 on Tuesday. Globalstar, Inc. has a fifty-two week low of $15.00 and a fifty-two week high of $41.10. The business has a 50-day moving average of $13.84 and a 200 day moving average of $6.73. The firm has a market cap of $44.36 billion, a P/E ratio of -780.67 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Analyst Upgrades and Downgrades

GSAT has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. B. Riley upped their price target on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Craig Hallum dropped their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th.

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.