Insider Selling: Globalstar, Inc. (NYSEARCA:GSAT) CEO Sells 14,539 Shares of Stock

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 14,539 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the completion of the sale, the chief executive officer now owns 84,815 shares in the company, valued at approximately $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Globalstar Stock Performance

Shares of GSAT traded down $0.05 during midday trading on Tuesday, reaching $2.14. 16,849,233 shares of the stock were exchanged, compared to its average volume of 17,943,689. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -71.33 and a beta of 0.88. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.74. The business’s 50-day moving average price is $1.25 and its 200 day moving average price is $1.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

Hedge Funds Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the stock. PFG Investments LLC lifted its stake in Globalstar by 83.3% in the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after buying an additional 10,000 shares in the last quarter. Inspire Investing LLC lifted its stake in Globalstar by 4.7% in the 3rd quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock valued at $414,000 after buying an additional 14,862 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Globalstar by 57.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock valued at $68,000 after buying an additional 19,946 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Globalstar by 12.9% in the 2nd quarter. Renaissance Technologies LLC now owns 176,629 shares of the company’s stock valued at $198,000 after buying an additional 20,200 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in Globalstar in the 3rd quarter valued at approximately $27,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on GSAT shares. Craig Hallum raised their price target on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th. StockNews.com upgraded 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.