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

Globalstar, Inc. (NYSEARCA:GSAT) 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 company’s stock in a transaction that occurred on Monday, January 6th. The stock was 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 owns 84,815 shares of the company’s stock, valued at $185,744.85. This represents a 14.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GSAT. Craig Hallum boosted their price objective on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Stock Performance

The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The stock’s 50-day moving average price is $2.06. The firm has a market capitalization of $3.90 billion, a P/E ratio of -68.33 and a beta of 0.88.

Hedge Funds Weigh In On Globalstar

Large investors have recently made changes to their positions in the business. PFG Investments LLC grew its position in Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after purchasing an additional 10,000 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Globalstar during the third quarter valued at approximately $27,000. XTX Topco Ltd purchased a new position in Globalstar in the 2nd quarter worth approximately $31,000. Tokio Marine Asset Management Co. Ltd. bought a new position in Globalstar in the 3rd quarter valued at approximately $39,000. Finally, Procyon Advisors LLC purchased a new stake in Globalstar during the 3rd quarter valued at $47,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.