Insider Selling: Globalstar, Inc. (NYSEARCA:GSAT) CEO Sells $156,977.05 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 7,087 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total transaction of $156,977.05. Following the sale, the chief executive officer now owns 12,374 shares in the company, valued at $274,084.10. This represents a 36.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Globalstar Price Performance

Shares of NYSEARCA:GSAT opened at $21.33 on Friday. The stock has a market capitalization of $40.40 billion, a price-to-earnings ratio of -711.00 and a beta of 1.07. The company’s 50 day simple moving average is $11.45. Globalstar, Inc. has a 1 year low of $15.00 and a 1 year high of $41.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Hedge Funds Weigh In On Globalstar

A number of large investors have recently bought and sold shares of the business. Van ECK Associates Corp boosted its position in Globalstar by 34.2% in the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock valued at $561,000 after buying an additional 115,359 shares during the period. CWA Asset Management Group LLC purchased a new stake in shares of Globalstar in the third quarter valued at approximately $27,000. Tokio Marine Asset Management Co. Ltd. bought a new position in Globalstar in the third quarter worth approximately $39,000. Thrivent Financial for Lutherans increased its holdings in Globalstar by 57.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after purchasing an additional 19,946 shares during the period. Finally, Intech Investment Management LLC bought a new stake in Globalstar during the 3rd quarter valued at $199,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

GSAT has been the topic of several analyst reports. Craig Hallum reduced their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Morgan Stanley increased their price target on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Finally, B. Riley raised their price target on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th.

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.