James Monroe III Purchases 25,000 Shares of Globalstar, Inc. (NYSEARCA:GSAT) Stock

Globalstar, Inc. (NYSEARCA:GSAT) Director James Monroe III acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average cost of $18.77 per share, for a total transaction of $469,250.00. Following the purchase, the director now directly owns 58,783,076 shares in the company, valued at $1,103,358,336.52. This trade represents a 0.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, May 12th, James Monroe III bought 50,000 shares of Globalstar stock. The shares were bought at an average price of $18.56 per share, with a total value of $928,000.00.
• On Friday, March 28th, James Monroe III purchased 209,546 shares of Globalstar stock. The shares were bought at an average cost of $22.52 per share, for a total transaction of $4,718,975.92.
• On Thursday, March 20th, James Monroe III bought 25,000 shares of Globalstar stock. The shares were bought at an average cost of $21.83 per share, for a total transaction of $545,750.00.
• On Tuesday, March 18th, James Monroe III purchased 25,000 shares of Globalstar stock. The shares were bought at an average price of $20.80 per share, with a total value of $520,000.00.

Globalstar Trading Down 1.4%

Shares of GSAT stock opened at $18.66 on Thursday. The company’s 50-day moving average price is $20.24 and its 200-day moving average price is $10.89. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month 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 stock has a market cap of $35.35 billion, a price-to-earnings ratio of -622.00 and a beta of 1.07.

Analyst Ratings Changes

GSAT has been the topic of a number of recent analyst reports. B. Riley raised their target price 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. Morgan Stanley upped their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, Craig Hallum lowered 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.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently modified their holdings of GSAT. JPMorgan Chase & Co. increased its position in Globalstar by 36.3% during 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 in the last quarter. FNY Investment Advisers LLC lifted its position in Globalstar by 261.7% during the 4th quarter. FNY Investment Advisers LLC now owns 53,465 shares of the company’s stock worth $110,000 after acquiring an additional 38,685 shares in the last quarter. SG Americas Securities LLC lifted its position in Globalstar by 44.9% during the 4th quarter. SG Americas Securities LLC now owns 401,195 shares of the company’s stock worth $830,000 after acquiring an additional 124,370 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Globalstar by 36.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the company’s stock valued at $63,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its position in shares of Globalstar by 15.3% in the 4th quarter. Flagship Harbor Advisors LLC now owns 71,741 shares of the company’s stock valued at $149,000 after purchasing an additional 9,506 shares in the last quarter. 18.89% of the stock is currently 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.