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

Globalstar, Inc. (NYSEARCA:GSAT) shares 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 trading hands.

Specifically, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction dated Monday, January 6th. The shares were 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 directly owns 84,815 shares in the company, valued at $185,744.85. This represents a 14.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several brokerages 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 raised their target price on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Globalstar Trading Down 7.5 %

The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -66.00 and a beta of 0.88. The company has a 50-day moving average of $2.05.

Institutional Trading of Globalstar

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Globalstar by 3.4% in the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after buying an additional 580,305 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares during the period. FMR LLC lifted its holdings in shares of Globalstar by 32.7% during the third 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. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Globalstar by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after purchasing an additional 307,357 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.