Globalstar (NYSEARCA:GSAT) Trading 3.9% Higher on Insider Buying Activity

Globalstar, Inc. (NYSEARCA:GSAT)’s share price rose 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. Approximately 227,694 shares changed 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 acquired 25,000 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $21.83 per share, for a total transaction of $545,750.00. Following the purchase, the director now owns 897,273 shares in the company, valued at $19,587,469.59. This represents a 2.87 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James Monroe III bought 25,000 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the transaction, the director now owns 847,273 shares in the company, valued at $17,623,278.40. This represents a 3.04 % increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Morgan Stanley raised their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. B. Riley raised 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. Finally, Craig Hallum lowered their price target on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th.

Globalstar Stock Up 1.6 %

The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The stock has a market cap of $41.62 billion, a PE ratio of -732.33 and a beta of 1.07. The business’s 50-day moving average price is $13.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. PFG Investments LLC acquired a new stake in Globalstar in the 4th quarter valued at about $25,000. IRON Financial LLC acquired a new stake in shares of Globalstar in the fourth quarter valued at approximately $29,000. Mariner LLC raised its position in Globalstar by 30.9% in the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after purchasing an additional 3,307 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Globalstar during the 4th quarter worth $33,000. Finally, Sequoia Financial Advisors LLC bought a new position in Globalstar in the 4th quarter valued at $35,000. 18.89% of the stock is 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.