Craig Hallum Lowers Globalstar (NYSEARCA:GSAT) Price Target to $45.00

Globalstar (NYSEARCA:GSAT) had its target price lowered by Craig Hallum from $75.00 to $45.00 in a report released on Friday morning,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

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

Globalstar Price Performance

GSAT stock opened at $21.59 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The company has a market cap of $40.90 billion, a PE ratio of -719.67 and a beta of 1.07. The stock’s fifty day moving average price is $7.48. Globalstar has a fifty-two week low of $15.00 and a fifty-two week high of $41.10.

Insider Transactions at Globalstar

In other news, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. This represents a 14.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Monroe III bought 530,000 shares of Globalstar stock in a transaction dated 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 acquisition, the director now owns 6,834,090 shares in the company, valued at $12,984,771. This represents a 8.41 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 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 insiders.

Institutional Trading of Globalstar

Several large investors have recently bought and sold shares of GSAT. Capital Research Global Investors acquired a new stake in Globalstar in the fourth quarter valued at about $36,997,000. Wolf Hill Capital Management LP boosted its stake in Globalstar by 80.0% in the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock valued at $27,014,000 after buying an additional 5,799,366 shares in the last quarter. Ashford Capital Management Inc. boosted its stake in Globalstar by 68.9% in the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after buying an additional 5,047,600 shares in the last quarter. AGF Management Ltd. acquired a new stake in Globalstar in the fourth quarter valued at about $7,873,000. Finally, Greenhouse Funds LLLP boosted its stake 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 buying an additional 3,300,470 shares in the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

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.