Globalstar (NYSEARCA:GSAT) Shares Gap Up on Insider Buying Activity

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $20.78, but opened at $21.40. Globalstar shares last traded at $21.44, with a volume of 46,314 shares trading hands.

Specifically, Director James Monroe III bought 25,000 shares of the firm’s stock in a transaction on Tuesday, March 18th. The shares were purchased at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the transaction, the director now directly owns 847,273 shares in the company, valued at approximately $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.

Analysts Set New Price Targets

GSAT has been the topic of a number of recent analyst reports. Morgan Stanley lifted 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. B. Riley lifted their price objective on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Craig Hallum decreased 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.

Globalstar Stock Performance

The firm has a market cap of $40.67 billion, a P/E ratio of -717.33 and a beta of 1.07. 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 firm’s 50 day moving average is $12.22.

Hedge Funds Weigh In On Globalstar

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