Insider Selling: Globalstar, Inc. (NYSEARCA:GSAT) VP Sells $580,379.32 in Stock

Globalstar, Inc. (NYSEARCA:GSAT) VP Timothy Evan Taylor sold 26,333 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total value of $580,379.32. Following the transaction, the vice president now directly owns 399,244 shares of the company’s stock, valued at $8,799,337.76. This represents a 6.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Globalstar Trading Down 0.4 %

NYSEARCA GSAT opened at $21.33 on Monday. The business has a 50 day simple moving average of $11.45. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 12 month low of $15.00 and a 12 month high of $41.10. The stock has a market cap of $40.40 billion, a PE ratio of -711.00 and a beta of 1.07.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GSAT shares. Morgan Stanley lifted their price target on Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Craig Hallum reduced their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, B. Riley lifted their price objective on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV raised its holdings in shares of Globalstar by 4.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 20,912 shares of the company’s stock worth $43,000 after acquiring an additional 900 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Globalstar by 8.7% during the 4th quarter. Stifel Financial Corp now owns 36,087 shares of the company’s stock worth $75,000 after acquiring an additional 2,894 shares in the last quarter. Mariner LLC raised its holdings in shares of Globalstar by 30.9% during the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after acquiring an additional 3,307 shares in the last quarter. Legal & General Group Plc increased its position in shares of Globalstar by 0.8% during the 4th quarter. Legal & General Group Plc now owns 854,923 shares of the company’s stock valued at $1,770,000 after purchasing an additional 7,132 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its position in shares of Globalstar by 48.9% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 22,830 shares of the company’s stock valued at $47,000 after purchasing an additional 7,500 shares during the last quarter. 18.89% of the stock is 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.