Globalstar (NYSEARCA:GSAT) Stock Price Down 4.8% – Time to Sell?

Shares of Globalstar, Inc. (NYSEARCA:GSAT) were down 4.8% during mid-day trading on Thursday . The company traded as low as $1.49 and last traded at $1.50. Approximately 2,886,137 shares traded hands during trading, a decline of 80% from the average daily volume of 14,100,684 shares. The stock had previously closed at $1.57.

Wall Street Analysts Forecast Growth

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

Globalstar Trading Up 3.4 %

The business’s 50-day moving average price is $1.96. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of -51.00 and a beta of 1.07. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Insider Activity

In related news, VP Timothy Evan Taylor sold 3,500,000 shares of the business’s stock in a transaction on 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 transaction, the vice president now directly owns 6,383,649 shares in the company, valued at $14,171,700.78. The trade was a 35.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now directly owns 848,668 shares in the company, valued at $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have purchased 3,030,000 shares of company stock worth $5,987,000 and have sold 3,680,851 shares worth $8,136,154. Company insiders own 60.76% of the company’s stock.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd lifted its holdings in shares of Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the period. FMR LLC grew its stake in shares of Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after purchasing an additional 1,102,776 shares during the period. Barclays PLC increased its holdings in shares of Globalstar by 36.6% during the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after purchasing an additional 340,476 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 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 period. Finally, State Street Corp lifted its stake in shares of Globalstar by 3.4% in the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after purchasing an additional 580,305 shares during the period. 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.