Globalstar (NYSEARCA:GSAT) Price Target Cut to $45.00 by Analysts at Craig Hallum

Globalstar (NYSEARCA:GSAT) had its price objective reduced by Craig Hallum from $75.00 to $45.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently weighed in on the company. B. Riley boosted their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Morgan Stanley boosted their price objective on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Globalstar Stock Up 0.1 %

Globalstar stock opened at $21.59 on Friday. The firm has a 50-day simple moving average of $7.48. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. Globalstar has a 12-month low of $15.00 and a 12-month high of $41.10. The company has a market capitalization of $40.90 billion, a PE ratio of -719.67 and a beta of 1.07.

Insider Activity at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the transaction, the chief executive officer now owns 84,815 shares of the company’s stock, valued at $185,744.85. This represents a 14.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Monroe III purchased 530,000 shares of Globalstar stock in a transaction on Friday, December 13th. The shares were purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the transaction, the director now 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 disclosure for this purchase can be found here. In the last three months, insiders acquired 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. 60.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Globalstar

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV raised its stake in Globalstar by 4.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 20,912 shares of the company’s stock valued at $43,000 after acquiring an additional 900 shares during the period. Stifel Financial Corp raised its stake in Globalstar by 8.7% in the 4th quarter. Stifel Financial Corp now owns 36,087 shares of the company’s stock valued at $75,000 after acquiring an additional 2,894 shares during the period. Mariner LLC raised its stake in Globalstar by 30.9% in the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after acquiring an additional 3,307 shares during the period. Legal & General Group Plc raised its stake in Globalstar by 0.8% in the 4th quarter. Legal & General Group Plc now owns 854,923 shares of the company’s stock valued at $1,770,000 after acquiring an additional 7,132 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its stake in Globalstar by 48.9% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock valued at $47,000 after acquiring an additional 7,500 shares during the period. Institutional investors own 18.89% of the company’s stock.

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.