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

Globalstar, Inc. (NYSEARCA:GSAT)’s share price gapped up prior to trading on Wednesday after an insider bought additional shares in the company. 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 trading hands.

Specifically, Director James Monroe III bought 25,000 shares of the stock in a transaction on Tuesday, March 18th. The stock was bought at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the purchase, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GSAT shares. Craig Hallum lowered 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. Morgan Stanley raised their target price on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Finally, B. Riley raised their target price on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th.

Globalstar Stock Performance

The company’s 50 day moving average is $13.00. 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 $40.95 billion, a price-to-earnings ratio of -720.67 and a beta of 1.07.

Hedge Funds Weigh In On Globalstar

Several large investors have recently made changes to their positions in the stock. PFG Investments LLC acquired a new stake in Globalstar during the 4th quarter worth approximately $25,000. IRON Financial LLC acquired a new stake in shares of Globalstar in the 4th quarter valued at $29,000. Mariner LLC grew its position in shares of Globalstar by 30.9% in the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after buying an additional 3,307 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Globalstar in the 4th quarter valued at $33,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Globalstar in the 4th quarter valued at $35,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.