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

Globalstar, Inc. (NYSEARCA:GSAT)’s share price traded up 3.9% on Friday after an insider bought additional shares in the company. The stock traded as high as $22.25 and last traded at $22.47. 227,694 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 672,732 shares. The stock had previously closed at $21.62.

Specifically, Director James Monroe III purchased 25,000 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $21.83 per share, for a total transaction of $545,750.00. Following the completion of the transaction, the director now owns 897,273 shares of the company’s stock, valued at approximately $19,587,469.59. The trade was a 2.87 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Monroe III acquired 25,000 shares of Globalstar stock in a transaction that occurred on Tuesday, March 18th. The stock was bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director now directly owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This trade represents a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

GSAT has been the subject of a number of analyst reports. 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 research note 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 research report on Friday, February 28th. Finally, B. Riley raised their price objective on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th.

Globalstar Stock Performance

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 stock has a 50-day moving average of $13.00. The stock has a market capitalization of $42.23 billion, a PE ratio of -743.53 and a beta of 1.07.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently added to or reduced their stakes in GSAT. Thrivent Financial for Lutherans boosted its stake in Globalstar by 57.6% in the third quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock valued at $68,000 after buying an additional 19,946 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Globalstar in the third quarter valued at about $199,000. Charles Schwab Investment Management Inc. boosted its stake in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after buying an additional 196,644 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Globalstar in the third quarter valued at about $56,000. Finally, FMR LLC boosted its stake in Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares in the last quarter. Institutional investors 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.