Globalstar (NYSEARCA:GSAT) Shares Gap Up on Insider Buying Activity

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $20.78, but opened at $21.40. Globalstar shares last traded at $21.44, with a volume of 46,314 shares changing hands.

Specifically, Director James Monroe III purchased 25,000 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the transaction, the director now directly owns 847,273 shares in the company, valued at approximately $17,623,278.40. The trade was a 3.04 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

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

Globalstar Stock Up 3.3 %

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The stock has a market capitalization of $40.67 billion, a price-to-earnings ratio of -717.33 and a beta of 1.07. The business’s fifty day moving average is $12.22.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Globalstar by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock worth $155,945,000 after purchasing an additional 540,882 shares during the last quarter. Greenhouse Funds LLLP grew its holdings in shares of Globalstar by 14.2% in the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock worth $54,839,000 after purchasing an additional 3,300,470 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Globalstar in the fourth quarter worth about $36,997,000. State Street Corp grew its holdings in shares of Globalstar by 3.4% in the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after purchasing an additional 580,305 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after acquiring an additional 382,288 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.