Globalstar (NYSEARCA:GSAT) Shares Gap Down After Analyst Downgrade

Globalstar, Inc. (NYSEARCA:GSAT) shares gapped down prior to trading on Friday after Craig Hallum lowered their price target on the stock from $75.00 to $45.00. The stock had previously closed at $21.56, but opened at $19.30. Craig Hallum currently has a buy rating on the stock. Globalstar shares last traded at $20.69, with a volume of 287,055 shares traded.

Several other analysts have also recently commented on the stock. Morgan Stanley raised their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, B. Riley upped their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Insider Buying and Selling at Globalstar

In other news, Director James Monroe III acquired 500,000 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were bought at an average price of $2.10 per share, with a total value of $1,050,000.00. Following the acquisition, the director now owns 11,334,090 shares of the company’s stock, valued at $23,801,589. This trade represents a 4.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the company’s 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 $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. In the last 90 days, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Insiders own 60.76% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Globalstar in the 4th quarter worth about $33,000. B. Riley Wealth Advisors Inc. boosted its position in Globalstar by 48.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock valued at $47,000 after buying an additional 7,500 shares in the last quarter. Ashford Capital Management Inc. grew its stake in Globalstar by 68.9% during the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock worth $25,605,000 after buying an additional 5,047,600 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Globalstar by 15.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,569,896 shares of the company’s stock worth $3,250,000 after buying an additional 211,803 shares in the last quarter. Finally, Soviero Asset Management LP bought a new position in shares of Globalstar in the fourth quarter valued at approximately $3,726,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Trading Up 0.1 %

The firm has a market capitalization of $40.90 billion, a price-to-earnings ratio of -719.67 and a beta of 1.07. The firm has a fifty day moving average of $7.48. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

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.