Globalstar, Inc. (NYSEARCA:GSAT) Director Purchases $928,000.00 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III bought 50,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were bought at an average price of $18.56 per share, for a total transaction of $928,000.00. Following the completion of the acquisition, the director now owns 58,758,076 shares of the company’s stock, valued at approximately $1,090,549,890.56. This represents a 0.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Friday, March 28th, James Monroe III bought 209,546 shares of Globalstar stock. The shares were bought at an average price of $22.52 per share, for a total transaction of $4,718,975.92.
• On Thursday, March 20th, James Monroe III acquired 25,000 shares of Globalstar stock. The stock was acquired at an average price of $21.83 per share, for a total transaction of $545,750.00.
• On Tuesday, March 18th, James Monroe III acquired 25,000 shares of Globalstar stock. The shares were acquired at an average cost of $20.80 per share, with a total value of $520,000.00.

Globalstar Stock Performance

GSAT traded up $1.47 on Monday, hitting $19.05. 1,274,451 shares of the stock traded hands, compared to its average volume of 741,232. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. 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 has a market capitalization of $36.08 billion, a PE ratio of -635.00 and a beta of 1.07. The business has a fifty day moving average price of $20.48 and a two-hundred day moving average price of $10.66.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GSAT. Craig Hallum cut their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 28th. B. Riley boosted their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley boosted their price objective on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new stake in Globalstar during the first quarter valued at approximately $57,000. IFP Advisors Inc boosted its holdings in shares of Globalstar by 59,255.6% in the 1st quarter. IFP Advisors Inc now owns 5,342 shares of the company’s stock worth $111,000 after acquiring an additional 5,333 shares in the last quarter. Inlight Wealth Management LLC acquired a new position in shares of Globalstar in the 1st quarter worth approximately $122,000. New Age Alpha Advisors LLC acquired a new position in shares of Globalstar in the 1st quarter worth approximately $150,000. Finally, Rossby Financial LCC acquired a new position in shares of Globalstar in the 1st quarter worth approximately $157,000. 18.89% of the stock is owned by institutional investors and hedge funds.

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.