Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III Buys 25,000 Shares

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III purchased 25,000 shares of the company’s stock in a transaction on Tuesday, March 18th. The shares were purchased at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the transaction, the director now directly owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This represents a 3.04 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

James Monroe III also recently made the following trade(s):

• On Thursday, December 26th, James Monroe III purchased 500,000 shares of Globalstar stock. The shares were purchased at an average cost of $2.10 per share, for a total transaction of $1,050,000.00.
• On Monday, December 23rd, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was bought at an average price of $1.93 per share, for a total transaction of $965,000.00.
• On Friday, December 20th, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was bought at an average price of $1.97 per share, for a total transaction of $985,000.00.
• On Wednesday, December 18th, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was bought at an average price of $2.00 per share, for a total transaction of $1,000,000.00.

Globalstar Stock Performance

Shares of GSAT stock traded down $0.83 on Tuesday, hitting $20.78. The company’s stock had a trading volume of 742,237 shares, compared to its average volume of 671,207. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The business has a 50 day simple moving average of $11.84. Globalstar, Inc. has a fifty-two week low of $15.00 and a fifty-two week high of $41.10. The company has a market cap of $39.36 billion, a P/E ratio of -692.67 and a beta of 1.07.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of GSAT. Capital Research Global Investors acquired a new position in shares of Globalstar in the fourth quarter valued at about $36,997,000. Wolf Hill Capital Management LP lifted its position in Globalstar by 80.0% during the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after purchasing an additional 5,799,366 shares during the period. Ashford Capital Management Inc. lifted its position in Globalstar by 68.9% during the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock worth $25,605,000 after purchasing an additional 5,047,600 shares during the period. AGF Management Ltd. bought a new stake in Globalstar during the fourth quarter worth about $7,873,000. Finally, Greenhouse Funds LLLP lifted its position in Globalstar by 14.2% during the fourth 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 during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GSAT shares. Craig Hallum decreased their price objective on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. 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 report on Wednesday, February 26th. Finally, B. Riley upped their price objective on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, February 19th.

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.