Globalstar (NYSEARCA:GSAT) Stock Price Up 3.9% on Insider Buying Activity

Shares of Globalstar, Inc. (NYSEARCA:GSAT) were up 3.9% on Friday after an insider bought additional shares in the company. The company traded as high as $22.25 and last traded at $22.47. 227,694 shares traded hands during trading, a decline of 66% from the average daily volume of 672,732 shares. The stock had previously closed at $21.62.

Specifically, Director James Monroe III purchased 25,000 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $21.83 per share, with a total value of $545,750.00. Following the purchase, the director now owns 897,273 shares in the company, valued at approximately $19,587,469.59. This represents a 2.87 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James Monroe III acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were bought at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the acquisition, the director now owns 847,273 shares in the company, valued at approximately $17,623,278.40. This trade represents a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GSAT shares. B. Riley increased their target price on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Craig Hallum cut their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, Morgan Stanley lifted their price objective on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th.

Globalstar Trading Up 1.6 %

The firm has a market cap of $41.62 billion, a PE ratio of -732.33 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. The stock’s 50 day moving average is $13.40.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Research Global Investors acquired a new position in shares of Globalstar in the 4th quarter valued at about $36,997,000. Wolf Hill Capital Management LP increased its stake in Globalstar by 80.0% in the 4th quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock valued at $27,014,000 after buying an additional 5,799,366 shares during the period. Ashford Capital Management Inc. increased its stake in Globalstar by 68.9% in the 4th quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after buying an additional 5,047,600 shares during the period. AGF Management Ltd. purchased a new stake in Globalstar in the 4th quarter worth approximately $7,873,000. Finally, Greenhouse Funds LLLP boosted its stake in shares of Globalstar by 14.2% during the 4th quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after buying an additional 3,300,470 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.