Globalstar (NYSEARCA:GSAT) Given New $25.00 Price Target at Morgan Stanley

Globalstar (NYSEARCA:GSAT) had its target price boosted by Morgan Stanley from $14.85 to $25.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

GSAT has been the subject of several other research reports. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum boosted their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, B. Riley boosted their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Stock Performance

GSAT stock opened at $21.74 on Wednesday. The stock has a market cap of $41.18 billion, a price-to-earnings ratio of -724.67 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’s 50 day moving average price is $6.70. Globalstar has a one year low of $15.00 and a one year high of $41.10.

Insider Activity at Globalstar

In related news, Director James Monroe III purchased 530,000 shares of Globalstar stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the transaction, the director now directly owns 6,834,090 shares in the company, valued at approximately $12,984,771. The trade was a 8.41 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the completion of the sale, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at $14,171,700.78. The trade was a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

Institutional investors and hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV increased its stake in shares of Globalstar by 4.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,912 shares of the company’s stock worth $43,000 after acquiring an additional 900 shares during the period. Stifel Financial Corp increased its stake in shares of Globalstar by 8.7% during the fourth quarter. Stifel Financial Corp now owns 36,087 shares of the company’s stock worth $75,000 after acquiring an additional 2,894 shares during the period. Mariner LLC increased its stake in shares of Globalstar by 30.9% during the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after acquiring an additional 3,307 shares during the period. Legal & General Group Plc increased its stake in shares of Globalstar by 0.8% during the fourth quarter. Legal & General Group Plc now owns 854,923 shares of the company’s stock worth $1,770,000 after acquiring an additional 7,132 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in shares of Globalstar by 48.9% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock worth $47,000 after acquiring an additional 7,500 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.