Insider Selling: Globalstar (NASDAQ:GSAT) CEO Sells $42,525.84 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 714 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $59.56, for a total value of $42,525.84. Following the completion of the sale, the chief executive officer owned 67,032 shares in the company, valued at approximately $3,992,425.92. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Globalstar Stock Down 4.6%

GSAT stock opened at $58.73 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of -391.51, a PEG ratio of 95.89 and a beta of 1.43. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The stock has a fifty day moving average of $60.47 and a 200-day moving average of $54.50.

Institutional Trading of Globalstar

Several institutional investors and hedge funds have recently bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar during the 4th quarter valued at $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar in the fourth quarter worth $27,000. US Bancorp DE raised its position in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after buying an additional 430 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Globalstar during the fourth quarter valued at $61,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Craig Hallum restated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Company Profile

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.