Globalstar, Inc. (NYSEAMERICAN:GSAT) Stake Increased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its stake in Globalstar, Inc. (NYSEAMERICAN:GSAT) by 24.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 247,342 shares of the company’s stock after buying an additional 48,566 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Globalstar were worth $307,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in GSAT. CIBC Asset Management Inc increased its stake in Globalstar by 154.9% during the second quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after purchasing an additional 32,535 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Globalstar by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after purchasing an additional 307,357 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Globalstar by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares during the last quarter. Inspire Investing LLC increased its stake in Globalstar by 28.2% during the second quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock valued at $357,000 after purchasing an additional 70,179 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Globalstar by 2.1% during the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after purchasing an additional 1,494,552 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Analysts Set New Price Targets

Separately, Craig Hallum boosted their price target on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a report on Monday, November 4th.

Insiders Place Their Bets

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction of $481,900.00. Following the sale, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the transaction, the chief financial officer now owns 1,418,745 shares in the company, valued at $1,773,431.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 61.00% of the company’s stock.

Globalstar Price Performance

Shares of NYSEAMERICAN GSAT opened at $1.98 on Monday. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.13. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -66.00 and a beta of 0.88. The firm has a 50-day moving average of $1.25 and a two-hundred day moving average of $1.24.

Globalstar (NYSEAMERICAN:GSAT) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. The company had revenue of $60.39 million during the quarter, compared to the consensus estimate of $57.49 million. As a group, analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

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.