Globalstar (NYSEARCA:GSAT) Shares Gap Down on Analyst Downgrade

Globalstar, Inc. (NYSEARCA:GSAT)’s share price gapped down before the market opened on Friday after Craig Hallum lowered their price target on the stock from $75.00 to $45.00. The stock had previously closed at $21.56, but opened at $19.30. Craig Hallum currently has a buy rating on the stock. Globalstar shares last traded at $20.69, with a volume of 287,055 shares trading hands.

Several other research analysts have also issued reports on GSAT. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. B. Riley increased their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley boosted their target price on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday.

Insider Transactions at Globalstar

In other news, Director James Monroe III purchased 530,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were purchased at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the acquisition, the director now directly owns 6,834,090 shares in the company, valued at $12,984,771. This represents a 8.41 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the transaction, the chief executive officer now owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Insiders own 60.76% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently added to or reduced their stakes in GSAT. Mercer Global Advisors Inc. ADV boosted its stake in shares of Globalstar by 4.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 20,912 shares of the company’s stock worth $43,000 after acquiring an additional 900 shares during the last quarter. Stifel Financial Corp lifted its holdings in Globalstar by 8.7% during the fourth quarter. Stifel Financial Corp now owns 36,087 shares of the company’s stock valued at $75,000 after purchasing an additional 2,894 shares in the last quarter. Mariner LLC boosted its position in shares of 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 during the period. Legal & General Group Plc boosted its holdings in Globalstar by 0.8% in the 4th quarter. Legal & General Group Plc now owns 854,923 shares of the company’s stock worth $1,770,000 after buying an additional 7,132 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Globalstar by 48.9% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock worth $47,000 after purchasing an additional 7,500 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

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 company has a market cap of $40.90 billion, a PE ratio of -719.67 and a beta of 1.07. The firm has a 50-day simple moving average of $7.10.

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.