Globalstar, Inc. (NYSEARCA:GSAT – Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $1.91, but opened at $1.45. Globalstar shares last traded at $1.49, with a volume of 29,947,540 shares.
Analysts Set New Price Targets
GSAT has been the topic of several recent analyst reports. Craig Hallum boosted their target price on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.
Get Our Latest Stock Report on Globalstar
Globalstar Price Performance
Insider Activity at Globalstar
In other Globalstar news, Director James Monroe III acquired 530,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were bought at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the purchase, the director now owns 6,834,090 shares in the company, valued at $12,984,771. This trade represents a 8.41 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total value of $7,770,000.00. Following the sale, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This represents a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Globalstar
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PFG Investments LLC acquired a new position in Globalstar during the fourth quarter worth $25,000. CWA Asset Management Group LLC purchased a new position in shares of Globalstar in the 3rd quarter valued at about $27,000. IRON Financial LLC acquired a new stake in shares of Globalstar in the fourth quarter valued at about $29,000. XTX Topco Ltd purchased a new stake in Globalstar during the second quarter worth about $31,000. Finally, Tokio Marine Asset Management Co. Ltd. acquired a new position in Globalstar during the third quarter worth about $39,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.
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.
Recommended Stories
- Five stocks we like better than Globalstar
- How to Invest in Insurance Companies: A Guide
- Commvault Systems: Share Price Primed to Vault Higher in 2025
- What Does a Stock Split Mean?
- 3 Unsung Beneficiaries of the Stargate Project
- 2 Fintech Stocks to Buy Now and 1 to Avoid
- Starbucks’ CEO-Led Turnaround Gains Traction: New Highs Likely
Receive News & Ratings for Globalstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globalstar and related companies with MarketBeat.com's FREE daily email newsletter.