Cannell Capital LLC Acquires 310,557 Shares of Globalstar, Inc. (NYSEARCA:GSAT)

Cannell Capital LLC raised its holdings in Globalstar, Inc. (NYSEARCA:GSAT) by 69.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 759,204 shares of the company’s stock after acquiring an additional 310,557 shares during the quarter. Cannell Capital LLC’s holdings in Globalstar were worth $1,572,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GSAT. PFG Investments LLC bought a new position in shares of Globalstar in the fourth quarter worth about $25,000. IRON Financial LLC acquired a new position in shares of Globalstar during the fourth quarter worth approximately $29,000. Sequoia Financial Advisors LLC bought a new stake in shares of Globalstar in the fourth quarter valued at approximately $35,000. Vontobel Holding Ltd. acquired a new stake in shares of Globalstar in the fourth quarter worth $41,000. Finally, Masso Torrence Wealth Management Inc. bought a new position in Globalstar during the fourth quarter worth $52,000. 18.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GSAT. Morgan Stanley increased their price target 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. Craig Hallum reduced their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, B. Riley boosted their price target on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

Insiders Place Their Bets

In other news, Director James Monroe III bought 25,000 shares of the stock in a transaction dated Tuesday, March 18th. The stock was bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the purchase, the director now owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This represents a 3.04 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Timothy Evan Taylor sold 26,333 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the transaction, the vice president now owns 399,244 shares in the company, valued at approximately $8,799,337.76. The trade was a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 259,546 shares of company stock valued at $5,784,726 and sold 34,257 shares valued at $755,528. Insiders own 60.76% of the company’s stock.

Globalstar Price Performance

Globalstar stock opened at $18.70 on Tuesday. The business’s fifty day moving average is $17.65 and its two-hundred day moving average is $7.49. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The firm has a market cap of $35.42 billion, a P/E ratio of -623.33 and a beta of 1.07. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10.

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.