Raymond James Financial Services Advisors Inc. grew its stake in Globalstar, Inc. (NYSEMKT:GSAT – Free Report) by 55.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,057 shares of the company’s stock after purchasing an additional 9,650 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Globalstar were worth $29,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of GSAT. Goldman Sachs Group Inc. raised its position in Globalstar by 44.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,936,978 shares of the company’s stock worth $11,667,000 after purchasing an additional 2,428,781 shares during the period. Two Sigma Investments LP raised its holdings in shares of Globalstar by 145.8% in the fourth quarter. Two Sigma Investments LP now owns 3,056,738 shares of the company’s stock worth $4,065,000 after buying an additional 1,812,987 shares during the period. Morgan Stanley lifted its stake in shares of Globalstar by 236.7% during the 4th quarter. Morgan Stanley now owns 2,204,534 shares of the company’s stock worth $2,932,000 after acquiring an additional 1,549,806 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Globalstar by 433.1% during the 4th quarter. Voya Investment Management LLC now owns 1,459,042 shares of the company’s stock valued at $1,941,000 after acquiring an additional 1,185,346 shares during the period. Finally, BlueCrest Capital Management Ltd bought a new position in Globalstar in the 1st quarter valued at $1,346,000. Hedge funds and other institutional investors own 17.15% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on GSAT shares. StockNews.com cut shares of Globalstar from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. Imperial Capital started coverage on Globalstar in a report on Friday, August 4th. They issued an “outperform” rating and a $7.79 price target for the company.
Globalstar Stock Performance
Globalstar stock opened at $1.36 on Wednesday. The business has a fifty day simple moving average of $1.35. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.70 and a quick ratio of 0.63. The company has a market cap of $2.45 billion, a PE ratio of -12.36 and a beta of 0.38.
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.
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