Cetera Investment Advisers Buys New Shares in Globalstar, Inc. (NYSEARCA:GSAT)

Cetera Investment Advisers bought a new stake in shares of Globalstar, Inc. (NYSEARCA:GSAT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 29,648 shares of the company’s stock, valued at approximately $61,000.

A number of other institutional investors also recently modified their holdings of GSAT. Mariner LLC raised its holdings in Globalstar by 30.9% during the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after buying an additional 3,307 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in Globalstar during the fourth quarter worth $35,000. Vontobel Holding Ltd. acquired a new position in Globalstar during the fourth quarter worth $41,000. Mercer Global Advisors Inc. ADV raised its holdings in Globalstar by 4.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,912 shares of the company’s stock worth $43,000 after buying an additional 900 shares during the last quarter. Finally, Black Swift Group LLC acquired a new position in Globalstar during the fourth quarter worth $52,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on GSAT. Morgan Stanley upped their price objective on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. B. Riley upped their target price on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Craig Hallum reduced their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, February 28th.

Globalstar Price Performance

Shares of NYSEARCA:GSAT opened at $18.57 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $35.18 billion, a PE ratio of -619.00 and a beta of 1.07. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10. The company has a 50-day moving average price of $19.35 and a two-hundred day moving average price of $12.50.

Insider Transactions at Globalstar

In related 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 value of $580,379.32. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James Monroe III purchased 25,000 shares of the firm’s stock in a transaction on Tuesday, March 18th. The shares were acquired at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the purchase, the director now directly owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This represents a 3.04% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 334,546 shares of company stock valued at $7,181,976 and have sold 34,257 shares valued at $755,528. Insiders own 60.76% of the company’s stock.

Globalstar Profile

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.