Polymer Capital Management US LLC Purchases Shares of 50,299 Globalstar, Inc. (NYSEARCA:GSAT)

Polymer Capital Management US LLC purchased a new stake in shares of Globalstar, Inc. (NYSEARCA:GSAT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 50,299 shares of the company’s stock, valued at approximately $104,000.

Other institutional investors have also added to or reduced their stakes in the company. PFG Investments LLC purchased a new position in Globalstar during the 4th quarter valued at approximately $25,000. IRON Financial LLC purchased a new position in shares of Globalstar in the 4th quarter worth approximately $29,000. Sequoia Financial Advisors LLC purchased a new position in shares of Globalstar in the 4th quarter worth approximately $35,000. Vontobel Holding Ltd. purchased a new position in shares of Globalstar in the 4th quarter worth approximately $41,000. Finally, Masso Torrence Wealth Management Inc. purchased a new position in shares of Globalstar in the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Trading Up 8.5 %

GSAT opened at $20.02 on Thursday. The firm has a market cap of $37.92 billion, a price-to-earnings ratio of -667.33 and a beta of 1.07. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The stock has a fifty day moving average price of $19.06 and a 200-day moving average price of $7.98.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Craig Hallum dropped their target price on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday, February 28th. B. Riley lifted their target price on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley lifted their target price on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th.

Insider Transactions at Globalstar

In related news, CEO Paul E. Jacobs sold 7,087 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total transaction of $156,977.05. Following the transaction, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at $274,084.10. This represents a 36.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James Monroe III bought 209,546 shares of Globalstar stock in a transaction that occurred on Friday, March 28th. The shares were acquired at an average cost of $22.52 per share, for a total transaction of $4,718,975.92. Following the completion of the transaction, the director now directly owns 790,097 shares in the company, valued at $17,792,984.44. This represents a 36.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 259,546 shares of company stock valued at $5,784,726 and sold 34,257 shares valued at $755,528. Corporate insiders own 60.76% of the company’s stock.

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.