Globalstar (NYSEARCA:GSAT) Trading Down 6.6% – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GSAT shares. Craig Hallum raised their price objective on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research 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 Price Performance

The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -50.33 and a beta of 1.07. The stock’s 50-day simple moving average is $1.93. 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 Buying and Selling

In other Globalstar news, Director James Monroe III bought 530,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were purchased at an average price of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the purchase, the director now owns 6,834,090 shares in the company, valued at $12,984,771. This represents a 8.41 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction that occurred 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 owns 84,815 shares in the company, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. 60.76% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its position in Globalstar by 3.4% during 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 in the last quarter. Geode Capital Management LLC lifted its stake in Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after acquiring an additional 382,288 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Globalstar by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,262,448 shares of the company’s stock worth $12,963,000 after acquiring an additional 76,436 shares in the last quarter. FMR LLC increased its position in Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Globalstar by 51.4% in the 4th quarter. Bank of New York Mellon Corp now owns 3,310,267 shares of the company’s stock valued at $6,852,000 after purchasing an additional 1,123,307 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

About Globalstar

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.