Globalstar (NYSEARCA:GSAT) Stock Price Up 8.4% – What’s Next?

Globalstar, Inc. (NYSEARCA:GSAT)’s share price rose 8.4% on Monday . The stock traded as high as $21.42 and last traded at $21.57. Approximately 266,626 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 766,288 shares. The stock had previously closed at $19.90.

Analysts Set New Price Targets

GSAT has been the topic of a number of research analyst reports. Craig Hallum lowered their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Morgan Stanley increased their price target on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Finally, B. Riley boosted their price target on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Trading Up 7.0%

The stock has a market cap of $40.35 billion, a PE ratio of -710.90 and a beta of 1.07. 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 fifty day simple moving average of $19.21 and a two-hundred day simple moving average of $13.00.

Insider Transactions at Globalstar

In related news, Director James Monroe III purchased 25,000 shares of the business’s stock in a transaction on 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 purchase, the director now owns 847,273 shares of the company’s stock, valued at $17,623,278.40. This trade represents a 3.04% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy Evan Taylor sold 26,333 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the transaction, the vice president now directly owns 399,244 shares in the company, valued at approximately $8,799,337.76. The trade was a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 334,546 shares of company stock worth $7,181,976 and sold 34,257 shares worth $755,528. Company insiders own 60.76% of the company’s stock.

Institutional Trading of Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Globalstar by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock worth $155,945,000 after acquiring an additional 540,882 shares during the last quarter. Greenhouse Funds LLLP grew its position in Globalstar by 14.2% during the 4th quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock worth $54,839,000 after purchasing an additional 3,300,470 shares in the last quarter. Capital Research Global Investors acquired a new stake in Globalstar during the fourth quarter valued at $36,997,000. Wolf Hill Capital Management LP grew its stake in shares of Globalstar by 80.0% in the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after acquiring an additional 5,799,366 shares during the last quarter. Finally, Ashford Capital Management Inc. raised its stake in shares of Globalstar by 68.9% in the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after purchasing an additional 5,047,600 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.