Cibc World Markets Corp Purchases Shares of 68,274 Globalstar, Inc. (NYSEARCA:GSAT)

Cibc World Markets Corp purchased a new position in shares of Globalstar, Inc. (NYSEARCA:GSAT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 68,274 shares of the company’s stock, valued at approximately $141,000.

Several other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its stake in Globalstar by 36.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the company’s stock worth $63,000 after buying an additional 8,000 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Globalstar by 0.9% in the 4th quarter. Rhumbline Advisers now owns 940,591 shares of the company’s stock worth $1,947,000 after acquiring an additional 8,352 shares during the last quarter. Flagship Harbor Advisors LLC boosted its stake in shares of Globalstar by 15.3% in the 4th quarter. Flagship Harbor Advisors LLC now owns 71,741 shares of the company’s stock valued at $149,000 after purchasing an additional 9,506 shares in the last quarter. Fort Sheridan Advisors LLC grew its holdings in shares of Globalstar by 10.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 103,000 shares of the company’s stock valued at $213,000 after purchasing an additional 10,000 shares during the last quarter. Finally, PFG Investments LLC purchased a new position in Globalstar in the 4th quarter worth $25,000. 18.89% of the stock is currently owned by institutional investors.

Insider Activity at Globalstar

In related news, Director James Monroe III bought 25,000 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $21.83 per share, with a total value of $545,750.00. Following the purchase, the director now owns 897,273 shares of the company’s stock, valued at approximately $19,587,469.59. This trade represents a 2.87 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the transaction, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,796 shares of company stock worth $787,368 in the last 90 days. Company insiders own 60.76% of the company’s stock.

Globalstar Stock Performance

Shares of NYSEARCA:GSAT opened at $22.52 on Friday. 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 company has a 50-day moving average price of $15.10 and a 200-day moving average price of $7.00. The company has a market cap of $42.66 billion, a price-to-earnings ratio of -750.67 and a beta of 1.07. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10.

Analyst Upgrades and Downgrades

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

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.