Globalstar, Inc. (GSAT) loses confidence of 18 hedge fund managers

Globalstar, Inc. (NYSE:GSAT) is on recovery track with 118.1% gain from a 1-year low price of $0.73. The company added 5.96% to attain the price of $1.6 on 11/24/2017. Throughout the recent session, the prices were hovering between $1.51 and $1.62. These shares are 56.25% off its target price of $2.5 and the current market capitalization stands at $2B. The recent change has given its price a -2.79% deficit over SMA 50 and -38.22% deficit over its 52-week high. The stock witnessed 1.27% gains, -20.4% declines and -26.27% declines for the 1-month, 3-month and 6-month period, respectively. To measure price-variation, we found GSAT’s volatility during a week at 6.36% and during a month it has been found around 5.32%.

Globalstar, Inc. (GSAT) Top Holders

Institutional investors currently hold around $471 million or 29.2% in GSAT stock. Look at its top three institutional owners. Vanguard Group Inc owns $74.56 million in Globalstar, Inc., which represents roughly 3.73% of the company’s market cap and approximately 15.83% of the institutional ownership. Similar statistics are true for the second largest owner, Blackrock Inc., which owns 36,394,503 shares of the stock are valued at $54.96 million. The third largest holder is Warlander Asset Management, Lp, which currently holds $43.86 million worth of this stock and that ownership represents nearly 2.19% of its market capitalization.

Globalstar, Inc. 13F Filings

At the end of 09/30/2017 reporting period, 81 institutional holders increased their position in Globalstar, Inc. (NYSE:GSAT) by some 20,413,963 shares, 43 decreased positions by 8,231,480 and 40 held positions by 283,079,219. That puts total institutional holdings at 311,724,662 shares, according to SEC filings. The stock grabbed 19 new institutional investments totaling 7,484,687 shares while 18 institutional investors sold out their entire positions totaling 3,551,098 shares.

Globalstar, Inc. (NYSE:GSAT) Insider Trades

Multiple company employees have indulged in significant insider trading. Globalstar, Inc. disclosed in a document filed with the US Securities and Exchange Commission (SEC) that CEO, 10% Owner Monroe James Iii has acquired 27,607,656 shares of Globalstar, Inc. (GSAT) in trading session dated Oct. 11, 2017. These shares are worth $43,344,020 and were traded at $1.57 each. The SEC filing shows that Monroe James Iii performed a purchase of 17,837,838 shares. The CEO, 10% Owner added these shares by way of transaction on Jun. 30, 2017. The company’s shares were assimilated at $1.85 per share worth to an investment of some $33,000,000 on account of Monroe James Iii.

General Counsel, Ponder L Barbee Iv, sold 86,770 common shares of Globalstar, Inc. (GSAT) in the open market. In a transaction dated Mar. 10, 2017, the shares were put up for sale at an average price of $1.42, raking in a sum of $123,213. After this sale, 594,693 common shares of GSAT are directly owned by the insider, with total stake valued at $951,509.

In the transaction dated Mar. 02, 2017, the great number of shares disposed came courtesy the VP & CFO; Clary Rebecca disposed a total of 34,274 shares at an average price of $1.42, amounting to approximately $48,669. The insider now directly owns 293,382 shares worth $469,411.

Globalstar, Inc. (GSAT) Analyst Guide

Not many analysts have released their opinion on Globalstar, Inc. (NYSE:GSAT), with 1 analysts believing it is a strong buy. Whereas 0 of them predict the stock is a hold. Also, there are 0 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1 average brokerage recommendation.

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