Insider Buying: Monroe James III, Globalstar Inc. [GSAT] Director invested 100,000 shares

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Globalstar Inc. shares valued at $178,000 were purchased by Monroe James III on Sep 16. At $1.78 per share, Monroe James III acquired 100,000 shares. The insider’s holdings grew to 200,000 shares worth approximately $0.33 million following the completion of this transaction.

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Also, Monroe James III purchased 100,000 shares, netting a total of over 182,690 in proceeds. Following the buying of shares at $1.83 each, the insider now holds 100,000 shares.

Before that, Wolff Benjamin G had added 5,193 shares to its account. In a trade valued at $9,064, the Director bought Globalstar Inc. shares for $1.75 each. Upon closing the transaction, the insider’s holdings increased to 5,193 shares, worth approximately $1.02 million.

As published in their initiating research note from B. Riley Securities on June 21, 2021, Globalstar Inc. [GSAT] has been a Buy and the price target has been revised to $3.25. This represents a 48.62% premium over Thursday’s closing price. Analysts at Morgan Stanley downgraded the stock from ‘”an Equal-weight”‘ to ‘”an Underweight”‘ outlook in a report released in late January. As of August 09, 2018, Chardan Capital Markets has decreased its “Buy” rating to a “Neutral” for GSAT. Earlier on February 24, 2017, Chardan Capital Markets upgraded its rating. Their new recommendation was “a Buy” for GSAT stock which previously was a “a Neutral”.

Analyzing GSAT’s Price Performance

On Thursday, Globalstar Inc. [AMEX: GSAT] plunged -1.76% to $1.67. The stock’s lowest price that day was $1.62, but it reached a high of $1.71 in the same session. During the last five days, there has been a drop of approximately -9.24%. Over the course of the year, Globalstar Inc. shares have jumped approximately 43.97%. Shares of the company reached a 52-week high of $2.9800 on 09/07/22 and a 52-week low of $0.9025 on 01/24/22. A 50-day SMA is recorded $1.6604, while a 200-day SMA reached $1.3137. Nevertheless, trading volume fell to 6.06 million shares from 6.49 million shares the previous day.

Support And Resistance Levels for Globalstar Inc. (GSAT)

According to the 24-hour chart, there is a support level at 1.6233, which, if violated, would cause prices to drop to 1.5767. In the upper region, resistance lies at 1.7133. The next price resistance is at 1.7567. RSI (Relative Strength Index) is 43.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.1431, which suggests the price will decrease in the coming days. Percent R is at 95.64%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Globalstar Inc. subject to short interest?

Stocks of Globalstar Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 2.6 million shares to 52.89 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 50.29 million shares. A jump of 4.92% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 14.22 of the overall float, the days-to-cover ratio (short ratio) jumped to 14.22.

Which companies own the most shares of Globalstar Inc. (GSAT)?

According to Mudrick Capital Management LP filings, the company currently owns 86,838,950 shares, which is about 4.82% of the total GSAT shares outstanding. The investor’s shares have plunged by -2,408,147 from its previous 13-F filing of 89247097.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $130,958,744. BlackRock Fund Advisors acquire a 9.06% interest valued at $77.91 million while Beck, Mack & Oliver LLC purchased a 862,817 stake. A total of 497,972 shares of Globalstar Inc. were bought by SSgA Funds Management, Inc. during the quarter, and 458,616 were bought by Geode Capital Management LLC. In its current portfolio, PlusTick Management LLC holds 9,800,000 shares valued at $19.6 million.

In terms of Globalstar Inc. share price expectations, FactSet research, analysts set an average price target of $3.25 in the next 12 months, up nearly 91.18% from the previous closing price of $1.70. Analysts anticipate Globalstar Inc. stock to reach $3.25 by 2022, with the lowest price target being $3.25. In spite of this, 1 analysts ranked Globalstar Inc. stock as a Buy at the end of 2022.


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