CANADA LIFE ASSURANCE Co Sells 194,326 Shares of Globalstar, Inc. (NYSEARCA:GSAT)

CANADA LIFE ASSURANCE Co decreased its holdings in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 64.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 105,508 shares of the company’s stock after selling 194,326 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Globalstar were worth $219,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GSAT. PFG Investments LLC bought a new position in Globalstar in the fourth quarter worth approximately $25,000. IRON Financial LLC bought a new position in Globalstar in the fourth quarter worth approximately $29,000. Mariner LLC grew its stake in Globalstar by 30.9% in the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after purchasing an additional 3,307 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Globalstar in the fourth quarter worth approximately $35,000. Finally, Vontobel Holding Ltd. bought a new position in Globalstar in the fourth quarter worth approximately $41,000. Institutional investors own 18.89% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on GSAT shares. Craig Hallum dropped their target price on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Morgan Stanley increased their target price on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, B. Riley increased their target price on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th.

Globalstar Stock Performance

Shares of GSAT opened at $19.22 on Thursday. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The stock has a fifty day moving average price of $20.68 and a 200-day moving average price of $9.68. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market cap of $36.41 billion, a PE ratio of -640.67 and a beta of 1.07.

Insider Activity

In related news, CEO Paul E. Jacobs sold 7,087 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total value of $156,977.05. Following the completion of the transaction, the chief executive officer now owns 12,374 shares in the company, valued at $274,084.10. This trade represents a 36.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Timothy Evan Taylor sold 26,333 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $22.04, for a total value of $580,379.32. Following the completion of the transaction, the vice president now owns 399,244 shares of the company’s stock, valued at $8,799,337.76. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 259,546 shares of company stock worth $5,784,726 and sold 34,257 shares worth $755,528. Company insiders own 60.76% of the company’s stock.

Globalstar 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.