Globalstar (NYSEARCA:GSAT) Price Target Raised to $25.00 at Morgan Stanley

Globalstar (NYSEARCA:GSAT) had its price target raised by investment analysts at Morgan Stanley from $14.85 to $25.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 17.29% from the stock’s previous close.

A number of other brokerages have also commented on GSAT. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Craig Hallum lifted their price target on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, B. Riley lifted their price target on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, February 19th.

Globalstar Trading Up 8.9 %

NYSEARCA:GSAT traded up $1.75 during mid-day trading on Wednesday, reaching $21.32. 234,092 shares of the stock were exchanged, compared to its average volume of 989,918. The business’s fifty day moving average price is $6.31. The company has a market cap of $40.37 billion, a price-to-earnings ratio of -710.50 and a beta of 1.07. Globalstar has a 1-year low of $15.00 and a 1-year high of $41.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Insiders Place Their Bets

In other news, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the sale, the director now directly owns 848,668 shares in the company, valued at approximately $1,637,929.24. The trade was a 9.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Monroe III acquired 530,000 shares of the stock in a transaction dated Friday, December 13th. The shares were purchased at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the transaction, the director now owns 6,834,090 shares of the company’s stock, valued at $12,984,771. This trade represents a 8.41 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Company insiders own 60.76% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd boosted its stake in Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after purchasing an additional 949,025 shares in the last quarter. FMR LLC raised its position in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares during the last quarter. Barclays PLC raised its position in shares of Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after acquiring an additional 340,476 shares during the last quarter. State Street Corp raised its position in shares of Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Globalstar by 36.3% during the third quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.