Globalstar, Inc. (NYSE:GSAT) VP Sells $7,770,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total value of $7,770,000.00. Following the sale, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Globalstar Trading Down 2.5 %

Globalstar stock opened at $1.95 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10. Globalstar, Inc. has a 1-year low of $1.00 and a 1-year high of $2.74. The business’s 50-day moving average price is $1.92.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently bought and sold shares of GSAT. Dynamic Technology Lab Private Ltd purchased a new position in shares of Globalstar during the third quarter valued at approximately $56,000. Sender Co & Partners Inc. purchased a new position in Globalstar during the 3rd quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the period. Finally, XTX Topco Ltd boosted its stake in shares of Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.