Inlight Wealth Management LLC Invests $122,000 in Globalstar, Inc. (NYSEARCA:GSAT)

Inlight Wealth Management LLC bought a new stake in Globalstar, Inc. (NYSEARCA:GSAT) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,866 shares of the company’s stock, valued at approximately $122,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock worth $155,945,000 after acquiring an additional 540,882 shares in the last quarter. Greenhouse Funds LLLP grew its holdings 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 worth $54,839,000 after purchasing an additional 3,300,470 shares during the last quarter. Capital Research Global Investors acquired a new position in Globalstar during the fourth quarter worth approximately $36,997,000. Wolf Hill Capital Management LP lifted its stake in Globalstar by 80.0% in 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 buying an additional 5,799,366 shares during the last quarter. Finally, Ashford Capital Management Inc. boosted its holdings in shares of Globalstar by 68.9% in 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. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Trading Down 1.5%

Shares of Globalstar stock opened at $23.48 on Friday. 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 cap of $44.48 billion, a price-to-earnings ratio of -782.67 and a beta of 1.07. Globalstar, Inc. has a 52-week low of $15.00 and a 52-week high of $41.10. The company’s 50-day simple moving average is $19.88 and its 200-day simple moving average is $14.45.

Analyst Upgrades and Downgrades

GSAT has been the subject of several research reports. Craig Hallum reduced their price target on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Morgan Stanley upped their price objective on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th.

Insider Transactions at Globalstar

In related news, Director James Monroe III acquired 50,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average cost of $18.56 per share, for a total transaction of $928,000.00. Following the transaction, the director now directly owns 58,758,076 shares of the company’s stock, valued at approximately $1,090,549,890.56. This trade represents a 0.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders acquired 284,546 shares of company stock valued at $6,116,226. Corporate insiders own 60.76% of the company’s stock.

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.