Insider Selling: Globalstar, Inc. (NYSE:GSAT) VP Sells 3,500,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the sale, the vice president now directly owns 6,383,649 shares in the company, valued at approximately $14,171,700.78. The trade was a 35.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Globalstar Price Performance

Shares of GSAT traded down $0.05 during mid-day trading on Friday, reaching $1.95. The stock had a trading volume of 21,621,100 shares, compared to its average volume of 7,884,951. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10. The company has a fifty day moving average of $1.92. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74.

Analyst Ratings Changes

Separately, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Institutional Trading of Globalstar

A number of hedge funds and other institutional investors have recently made changes to their positions in GSAT. Dynamic Technology Lab Private Ltd acquired a new position in Globalstar in the third quarter valued at approximately $56,000. Sender Co & Partners Inc. acquired a new position in shares of Globalstar in the 3rd quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets increased its position in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the last quarter. Finally, XTX Topco Ltd increased its position in shares of Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after purchasing an additional 949,025 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.