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

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price gapped down before the market opened 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 business’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 sale, the chief executive officer now owns 84,815 shares of the company’s stock, valued at $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GSAT. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum lifted their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th.

Globalstar Stock Down 7.5 %

The company has a market capitalization of $3.76 billion, a P/E ratio of -66.00 and a beta of 0.88. The company has a 50-day moving average price of $2.06. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the period. Geode Capital Management LLC increased its holdings in shares of Globalstar by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after buying an additional 196,644 shares during the last quarter. FMR LLC lifted its stake in shares of Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Globalstar by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after buying an additional 307,357 shares in the last quarter. 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.