California State Teachers Retirement System Sells 7,579 Shares of Globalstar, Inc. (NYSEARCA:GSAT)

California State Teachers Retirement System cut its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 708,778 shares of the company’s stock after selling 7,579 shares during the period. California State Teachers Retirement System’s holdings in Globalstar were worth $1,467,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Globalstar by 0.7% during the fourth 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 last quarter. Greenhouse Funds LLLP lifted its stake in shares of Globalstar by 14.2% during the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after acquiring an additional 3,300,470 shares during the period. Capital Research Global Investors acquired a new position in shares of Globalstar during the fourth quarter valued at $36,997,000. Wolf Hill Capital Management LP lifted its stake in shares of Globalstar by 80.0% during the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock valued at $27,014,000 after acquiring an additional 5,799,366 shares during the period. Finally, Ashford Capital Management Inc. lifted its stake in shares of Globalstar by 68.9% during the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after acquiring an additional 5,047,600 shares during the period. 18.89% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Globalstar

In other news, Director James Monroe III acquired 25,000 shares of Globalstar stock in a transaction that occurred on Tuesday, March 18th. The shares were acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the transaction, the director now directly owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. The trade was a 3.04% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Paul E. Jacobs sold 7,087 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total value of $156,977.05. Following the sale, the chief executive officer now owns 12,374 shares in the company, valued at $274,084.10. This represents a 36.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders purchased 334,546 shares of company stock valued at $7,181,976 and sold 34,257 shares valued at $755,528. Insiders own 60.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Craig Hallum cut their target price on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Morgan Stanley increased their target price on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Finally, B. Riley increased their target price on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Stock Performance

GSAT opened at $19.90 on Monday. The business has a fifty day simple moving average of $19.21 and a 200 day simple moving average of $13.00. The company has a market capitalization of $37.69 billion, a PE ratio of -663.33 and a beta of 1.07. 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.

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.