Globalstar (NYSEARCA:GSAT) Shares Down 6.6% – Here’s What Happened

Globalstar, Inc. (NYSEARCA:GSAT) shares traded down 6.6% during mid-day trading on Friday . The company traded as low as $1.49 and last traded at $1.50. 15,839,558 shares were traded during trading, an increase of 13% from the average session volume of 14,009,011 shares. The stock had previously closed at $1.60.

Analyst Upgrades and Downgrades

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

Globalstar Price Performance

The business’s 50-day simple moving average is $1.93. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -50.33 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insider Activity at Globalstar

In other news, Director James Monroe III purchased 530,000 shares of the stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the acquisition, the director now directly owns 6,834,090 shares of the company’s stock, valued at $12,984,771. This represents a 8.41 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul E. Jacobs sold 14,539 shares of Globalstar stock in a transaction on Monday, January 6th. The stock was 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 directly owns 84,815 shares of the company’s stock, valued at $185,744.85. The trade was a 14.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globalstar

A number of hedge funds have recently modified their holdings of GSAT. Janney Montgomery Scott LLC lifted its stake in shares of Globalstar by 36.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the company’s stock valued at $63,000 after buying an additional 8,000 shares in the last quarter. Rhumbline Advisers raised its holdings in Globalstar by 0.9% during the fourth quarter. Rhumbline Advisers now owns 940,591 shares of the company’s stock valued at $1,947,000 after acquiring an additional 8,352 shares during the period. Flagship Harbor Advisors LLC lifted its position in shares of Globalstar by 15.3% in the fourth quarter. Flagship Harbor Advisors LLC now owns 71,741 shares of the company’s stock valued at $149,000 after acquiring an additional 9,506 shares in the last quarter. Fort Sheridan Advisors LLC boosted its stake in shares of Globalstar by 10.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 103,000 shares of the company’s stock worth $213,000 after acquiring an additional 10,000 shares during the period. Finally, PFG Investments LLC purchased a new stake in shares of Globalstar during the fourth quarter worth about $25,000. Institutional investors 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.