Paul Jacobs Sells 714 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 714 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total transaction of $42,525.84. Following the transaction, the chief executive officer directly owned 67,032 shares in the company, valued at $3,992,425.92. The trade was a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Globalstar Price Performance

NASDAQ GSAT traded up $2.85 during mid-day trading on Thursday, reaching $61.53. 490,069 shares of the stock were exchanged, compared to its average volume of 615,530. The company has a quick ratio of 2.37, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. Globalstar, Inc. has a 1-year low of $17.24 and a 1-year high of $74.88. The business’s fifty day simple moving average is $60.49 and its 200 day simple moving average is $54.13.

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in the company. Fund Advisors of America Inc FL acquired a new stake in Globalstar during the fourth quarter worth about $357,000. Corient Private Wealth LLC purchased a new stake in shares of Globalstar during the 4th quarter worth about $365,000. Pure Financial Advisors LLC purchased a new stake in shares of Globalstar during the 4th quarter worth about $221,000. Virtu Financial LLC acquired a new stake in Globalstar during the 4th quarter worth approximately $288,000. Finally, Invesco Ltd. increased its position in Globalstar by 136.6% during the 4th quarter. Invesco Ltd. now owns 83,672 shares of the company’s stock worth $5,107,000 after purchasing an additional 48,311 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on GSAT shares. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Craig Hallum reissued a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $69.00.

About Globalstar

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.