Craig Hallum Has Lowered Expectations for Globalstar (NYSEARCA:GSAT) Stock Price

Globalstar (NYSEARCA:GSAT) had its target price lowered by investment analysts at Craig Hallum from $75.00 to $45.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s target price would suggest a potential upside of 107.20% from the stock’s current price.

GSAT has been the topic of a number of other research reports. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Morgan Stanley raised their price target on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, B. Riley upped their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th.

Globalstar Trading Up 0.7 %

Shares of NYSEARCA:GSAT traded up $0.16 on Friday, hitting $21.72. 599,887 shares of the company were exchanged, compared to its average volume of 997,366. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The stock has a 50 day moving average price of $7.10. Globalstar has a 1-year low of $15.00 and a 1-year high of $41.10. The stock has a market cap of $41.14 billion, a price-to-earnings ratio of -710.17 and a beta of 1.07.

Insider Activity

In other Globalstar news, Director James Monroe III purchased 530,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was bought at an average price of $1.90 per share, with a total value of $1,007,000.00. Following the transaction, the director now directly owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This represents a 8.41 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William A. Hasler sold 90,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the sale, the director now directly owns 848,668 shares in the company, valued at $1,637,929.24. This trade represents a 9.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 3,030,000 shares of company stock worth $5,987,000 and have sold 3,680,851 shares worth $8,136,154. Insiders own 60.76% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GSAT. Vanguard Group Inc. lifted its position in shares of Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock valued at $155,945,000 after acquiring an additional 540,882 shares during the period. Greenhouse Funds LLLP grew its holdings in Globalstar by 14.2% in the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after purchasing an additional 3,300,470 shares during the last quarter. Capital Research Global Investors acquired a new stake in Globalstar in the 4th quarter valued at about $36,997,000. State Street Corp lifted its stake in Globalstar by 3.4% in the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after buying an additional 580,305 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Globalstar by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after buying an additional 382,288 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.