Lazard Asset Management LLC Buys Shares of 37,929 Globalstar, Inc. (NYSEARCA:GSAT)

Lazard Asset Management LLC bought a new position in Globalstar, Inc. (NYSEARCA:GSAT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 37,929 shares of the company’s stock, valued at approximately $78,000.

Other large investors have also made changes to their positions in the company. PFG Investments LLC purchased a new position in Globalstar during the fourth quarter valued at $25,000. IRON Financial LLC bought a new position in shares of Globalstar in the fourth quarter worth about $29,000. Mariner LLC lifted its position in shares of Globalstar by 30.9% during the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after buying an additional 3,307 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Globalstar during the 4th quarter valued at about $35,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Globalstar during the 4th quarter valued at approximately $41,000. 18.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Globalstar Price Performance

Shares of Globalstar stock opened at $18.26 on Monday. The stock has a market cap of $34.59 billion, a price-to-earnings ratio of -608.67 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The stock has a 50 day moving average price of $19.81 and a 200-day moving average price of $11.81. Globalstar, Inc. has a one year low of $15.00 and a one year high of $41.10.

Insider Activity at Globalstar

In related news, Director James Monroe III purchased 50,000 shares of Globalstar stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of $18.56 per share, with a total value of $928,000.00. Following the purchase, the director now directly owns 58,758,076 shares of the company’s stock, valued at approximately $1,090,549,890.56. This represents a 0.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Timothy Evan Taylor sold 26,333 shares of Globalstar stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the sale, the vice president now owns 399,244 shares of the company’s stock, valued at $8,799,337.76. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 334,546 shares of company stock worth $7,181,976 and have sold 34,257 shares worth $755,528. 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.