Wells Fargo & Company MN Increases Position in Globalstar, Inc. (NYSEARCA:GSAT)

Wells Fargo & Company MN grew its holdings in Globalstar, Inc. (NYSEARCA:GSAT) by 48.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 362,868 shares of the company’s stock after acquiring an additional 117,627 shares during the period. Wells Fargo & Company MN’s holdings in Globalstar were worth $751,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Thoroughbred Financial Services LLC acquired a new position in shares of Globalstar during the 4th quarter worth approximately $54,000. Franklin Resources Inc. purchased a new stake in shares of Globalstar in the 4th quarter valued at approximately $69,000. Pictet Asset Management Holding SA increased its stake in Globalstar by 62.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 109,075 shares of the company’s stock worth $226,000 after acquiring an additional 41,900 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Globalstar by 87.6% during the 4th quarter. JPMorgan Chase & Co. now owns 4,253,186 shares of the company’s stock worth $8,804,000 after purchasing an additional 1,986,440 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock worth $155,945,000 after purchasing an additional 540,882 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Activity

In other news, VP Timothy Evan Taylor sold 26,333 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the completion of the transaction, the vice president now directly owns 399,244 shares of the company’s stock, valued at $8,799,337.76. This trade represents a 6.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 7,087 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total transaction of $156,977.05. Following the completion of the transaction, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at $274,084.10. The trade was a 36.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 259,546 shares of company stock worth $5,784,726 and sold 34,257 shares worth $755,528. Insiders own 60.76% of the company’s stock.

Globalstar Stock Up 2.4 %

Globalstar stock opened at $19.68 on Friday. Globalstar, Inc. has a 1-year low of $15.00 and a 1-year high of $41.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The stock’s 50 day moving average price is $20.66 and its 200 day moving average price is $9.80. The company has a market cap of $37.28 billion, a PE ratio of -656.00 and a beta of 1.07.

Wall Street Analysts Forecast Growth

GSAT has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Craig Hallum decreased their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, B. Riley lifted their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th.

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.