Intech Investment Management LLC Raises Stock Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Intech Investment Management LLC lifted its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 134.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 376,339 shares of the company’s stock after purchasing an additional 216,093 shares during the period. Intech Investment Management LLC’s holdings in Globalstar were worth $779,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Thrivent Financial for Lutherans boosted its position in shares of Globalstar by 57.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after acquiring an additional 19,946 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Globalstar in the third quarter valued at approximately $56,000. FMR LLC raised its holdings in Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after buying an additional 68,599 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. B. Riley lifted their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Craig Hallum dropped their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, Morgan Stanley boosted their target price on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th.

Globalstar Stock Performance

NYSEARCA GSAT opened at $21.97 on Monday. The company has a fifty day simple moving average of $13.40. Globalstar, Inc. has a one year low of $15.00 and a one year high of $41.10. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $41.62 billion, a price-to-earnings ratio of -732.33 and a beta of 1.07.

Insider Activity at Globalstar

In related 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 completion of the sale, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James Monroe III acquired 500,000 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was purchased at an average cost of $2.10 per share, for a total transaction of $1,050,000.00. Following the completion of the purchase, the director now directly owns 11,334,090 shares in the company, valued at $23,801,589. This trade represents a 4.62 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 550,000 shares of company stock worth $2,115,750 and have sold 48,796 shares worth $787,368. 60.76% of the stock is currently owned by insiders.

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.