HighTower Advisors LLC Lowers Position in Globalstar, Inc. (NYSEARCA:GSAT)

HighTower Advisors LLC trimmed its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 6.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,064,066 shares of the company’s stock after selling 67,688 shares during the quarter. HighTower Advisors LLC’s holdings in Globalstar were worth $2,203,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. PFG Investments LLC purchased a new stake in shares of Globalstar during the fourth quarter valued at about $25,000. IRON Financial LLC purchased a new stake in shares of Globalstar during the fourth quarter valued at about $29,000. Vontobel Holding Ltd. purchased a new stake in shares of Globalstar during the fourth quarter valued at about $41,000. Masso Torrence Wealth Management Inc. purchased a new stake in shares of Globalstar during the fourth quarter valued at about $52,000. Finally, Black Swift Group LLC acquired a new position in shares of Globalstar during the fourth quarter valued at about $52,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Globalstar Trading Up 1.6 %

Shares of NYSEARCA:GSAT opened at $21.97 on Friday. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10. The stock has a 50 day simple moving average of $13.40. 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 $41.62 billion, a P/E ratio of -732.33 and a beta of 1.07.

Insider Buying and Selling

In other Globalstar news, Director James Monroe III purchased 500,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were bought at an average price of $1.93 per share, for a total transaction of $965,000.00. Following the acquisition, the director now owns 10,334,090 shares in the company, valued at $19,944,793.70. This represents a 5.08 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Paul E. Jacobs sold 7,087 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total transaction of $156,977.05. Following the completion of the transaction, the chief executive officer now owns 12,374 shares in the company, valued at approximately $274,084.10. This trade represents a 36.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 1,050,000 shares of company stock worth $3,080,750 and have sold 48,796 shares worth $787,368. 60.76% of the stock is owned by corporate insiders.

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.