Globalstar (NYSEARCA:GSAT) Stock Price Up 8.7% on Analyst Upgrade

Shares of Globalstar, Inc. (NYSEARCA:GSAT) were 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. Approximately 183,182 shares were traded during trading, a decline of 81% from the average daily volume of 988,488 shares. The stock had previously closed at $19.57.

Other equities research analysts have also recently issued reports about the company. B. Riley increased their price target on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Craig Hallum raised their price objective on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Insider Transactions at Globalstar

In other news, Director James Monroe III purchased 530,000 shares of the stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of $1.90 per share, with a total value 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. The trade was a 8.41 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director William A. Hasler sold 90,000 shares of Globalstar stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the completion of the sale, the director now directly owns 848,668 shares in the company, valued at $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, 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. Corporate insiders own 60.76% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PFG Investments LLC purchased a new stake in Globalstar in the fourth quarter valued at $25,000. CWA Asset Management Group LLC purchased a new stake in Globalstar in the third quarter valued at $27,000. IRON Financial LLC purchased a new stake in Globalstar in the fourth quarter valued at $29,000. Mariner LLC raised its position in Globalstar by 30.9% in the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after purchasing an additional 3,307 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in Globalstar in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Down 0.8 %

The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market cap of $40.84 billion, a P/E ratio of -718.67 and a beta of 1.07. The business’s 50-day simple moving average is $7.10.

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.