Globalstar (NYSEARCA:GSAT) Shares Gap Down on Insider Selling

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $2.14, but opened at $2.05. Globalstar shares last traded at $2.03, with a volume of 2,452,803 shares.

Specifically, CEO Paul E. Jacobs sold 14,539 shares of Globalstar stock in a transaction on Monday, January 6th. The shares were sold at an average price of $2.19, for a total transaction of $31,840.41. Following the sale, the chief executive officer now owns 84,815 shares in the company, valued at $185,744.85. The trade was 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 at this link.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GSAT. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum increased their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th.

Globalstar Price Performance

The company has a market cap of $3.76 billion, a PE ratio of -66.00 and a beta of 0.88. The stock has a 50 day simple moving average of $2.06. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after purchasing an additional 603,285 shares during the last quarter. Barclays PLC increased its stake in shares of Globalstar by 36.6% in the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after buying an additional 340,476 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after buying an additional 382,288 shares during the last quarter. Sender Co & Partners Inc. acquired a new position in Globalstar during the 3rd quarter worth about $106,000. Finally, XTX Topco Ltd grew its holdings in 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 acquiring an additional 949,025 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.