Clay Northam Wealth Management LLC Invests $108,000 in Globalstar, Inc. (NYSEARCA:GSAT)

Clay Northam Wealth Management LLC acquired a new stake in Globalstar, Inc. (NYSEARCA:GSAT) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 52,000 shares of the company’s stock, valued at approximately $108,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GSAT. PFG Investments LLC acquired a new stake in Globalstar in the 4th quarter valued at approximately $25,000. CWA Asset Management Group LLC bought a new stake in shares of Globalstar in the third quarter valued at approximately $27,000. IRON Financial LLC acquired a new stake in shares of Globalstar in the fourth quarter worth $29,000. Tokio Marine Asset Management Co. Ltd. bought a new position in Globalstar during the third quarter worth $39,000. Finally, Procyon Advisors LLC acquired a new position in Globalstar during the 3rd quarter valued at $47,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Down 2.0 %

Globalstar stock opened at $1.50 on Tuesday. The firm has a 50-day simple moving average of $1.96. The company has a market capitalization of $2.84 billion, a PE ratio of -50.00 and a beta of 1.07. 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, Inc. has a 12-month low of $1.00 and a 12-month high of $2.74.

Insider Buying and Selling at Globalstar

In related news, VP Timothy Evan Taylor sold 3,500,000 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the transaction, the vice president now owns 6,383,649 shares in the company, valued at $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $2.19, for a total value of $31,840.41. Following the sale, the chief executive officer now directly owns 84,815 shares of the company’s stock, valued at $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. Corporate insiders own 60.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Craig Hallum raised their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

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.