Globalstar (NYSEARCA:GSAT) Shares Down 4.8% – What’s Next?

Globalstar, Inc. (NYSEARCA:GSAT) shares fell 4.8% during trading on Thursday . The stock traded as low as $1.49 and last traded at $1.50. 2,886,137 shares traded hands during trading, a decline of 80% from the average session volume of 14,100,684 shares. The stock had previously closed at $1.57.

Analysts Set New Price Targets

A number of research analysts have 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 report on Monday, November 4th. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Price Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The business has a 50 day simple moving average of $1.96. The company has a market capitalization of $2.90 billion, a P/E ratio of -51.00 and a beta of 1.07.

Insider Activity at Globalstar

In related news, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total transaction of $173,700.00. Following the sale, the director now directly owns 848,668 shares of the company’s stock, valued at $1,637,929.24. This represents a 9.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul E. Jacobs sold 14,539 shares of Globalstar stock in a transaction on Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the completion of the transaction, the chief executive officer now owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders bought 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is currently owned by insiders.

Institutional Trading of Globalstar

Several hedge funds have recently added to or reduced their stakes in GSAT. FMR LLC raised its position in Globalstar by 32.7% in 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 last quarter. XTX Topco Ltd boosted its stake in shares of Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after buying an additional 949,025 shares during the period. Van ECK Associates Corp grew its holdings in shares of Globalstar by 190.2% during the fourth quarter. Van ECK Associates Corp now owns 1,312,400 shares of the company’s stock worth $2,717,000 after buying an additional 860,133 shares during the last quarter. JPMorgan Chase & Co. increased its position in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after acquiring an additional 603,285 shares during the period. Finally, State Street Corp raised its stake 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 acquiring an additional 580,305 shares during the last quarter. 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.