Pictet Asset Management SA Purchases 33,784 Shares of Globalstar, Inc. (NYSEMKT:GSAT)

Pictet Asset Management SA raised its position in Globalstar, Inc. (NYSEMKT:GSAT) by 52.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 98,622 shares of the company’s stock after acquiring an additional 33,784 shares during the quarter. Pictet Asset Management SA’s holdings in Globalstar were worth $114,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Wayfinding Financial LLC bought a new position in Globalstar in the first quarter valued at about $35,000. Intellectus Partners LLC increased its position in Globalstar by 24.9% in the first quarter. Intellectus Partners LLC now owns 186,710 shares of the company’s stock worth $217,000 after buying an additional 37,200 shares in the last quarter. HighMark Wealth Management LLC increased its position in Globalstar by 11.2% in the first quarter. HighMark Wealth Management LLC now owns 173,500 shares of the company’s stock worth $201,000 after buying an additional 17,500 shares in the last quarter. Trellus Management Company LLC increased its position in Globalstar by 50.0% in the first quarter. Trellus Management Company LLC now owns 600,000 shares of the company’s stock worth $696,000 after buying an additional 200,000 shares in the last quarter. Finally, Grant Street Asset Management Inc. purchased a new stake in Globalstar in the fourth quarter worth about $27,000. Institutional investors own 17.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on GSAT shares. Imperial Capital started coverage on Globalstar in a research report on Friday, August 4th. They issued an “outperform” rating and a $7.79 price target for the company. StockNews.com initiated coverage on Globalstar in a research report on Wednesday, August 23rd. They issued a “hold” rating for the company.

Insider Activity

In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $1.19, for a total value of $470,050.00. Following the completion of the sale, the vice president now directly owns 11,858,649 shares of the company’s stock, valued at approximately $14,111,792.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $1.19, for a total transaction of $470,050.00. Following the completion of the sale, the vice president now directly owns 11,858,649 shares of the company’s stock, valued at approximately $14,111,792.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Monroe III purchased 184,054 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were acquired at an average cost of $1.15 per share, with a total value of $211,662.10. Following the completion of the purchase, the director now directly owns 6,115,790 shares in the company, valued at approximately $7,033,158.50. The disclosure for this purchase can be found here. Corporate insiders own 62.00% of the company’s stock.

Globalstar Price Performance

NYSEMKT:GSAT opened at $1.44 on Friday. The firm has a market capitalization of $2.59 billion, a P/E ratio of -13.09 and a beta of 0.52. The firm has a 50-day moving average price of $1.10. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 0.97.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. 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.