D. E. Shaw & Co. Inc. Trims Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

D. E. Shaw & Co. Inc. lessened its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 36.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,414,766 shares of the company’s stock after selling 1,368,511 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Globalstar were worth $4,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in GSAT. PFG Investments LLC bought a new position in Globalstar during the 4th quarter valued at about $25,000. IRON Financial LLC bought a new stake in Globalstar during the fourth quarter valued at about $29,000. Mariner LLC raised its stake in Globalstar by 30.9% during the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after acquiring an additional 3,307 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Globalstar during the 4th quarter valued at $35,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Globalstar in the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on GSAT shares. Craig Hallum dropped their price objective on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday, February 28th. Morgan Stanley lifted their price objective on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Finally, B. Riley increased their price objective 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.

Insider Buying and Selling at Globalstar

In related news, Director James Monroe III purchased 25,000 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was acquired at an average cost of $18.77 per share, for a total transaction of $469,250.00. Following the completion of the transaction, the director now directly owns 58,783,076 shares of the company’s stock, valued at approximately $1,103,358,336.52. This trade represents a 0.04% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy Evan Taylor sold 26,333 shares of the business’s 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 transaction, the vice president now directly owns 399,244 shares in the company, valued at approximately $8,799,337.76. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 334,546 shares of company stock valued at $7,181,976 and sold 34,257 shares valued at $755,528. 60.76% of the stock is currently owned by corporate insiders.

Globalstar Stock Down 1.7%

Globalstar stock opened at $18.35 on Friday. The company has a market cap of $34.76 billion, a PE ratio of -611.67 and a beta of 1.07. The business’s 50-day simple moving average is $20.11 and its two-hundred day simple moving average is $11.11. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. Globalstar, Inc. has a fifty-two week low of $15.00 and a fifty-two week high of $41.10.

Globalstar Company 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.