Insider Selling: Globalstar, Inc. (NYSE:GSAT) VP Sells 3,500,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the transaction, the vice president now owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Globalstar Stock Performance

GSAT stock opened at $1.95 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm’s 50 day simple moving average is $1.92. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd bought a new position in shares of Globalstar during the third quarter valued at $56,000. Sender Co & Partners Inc. purchased a new stake in Globalstar during the 3rd quarter valued at about $106,000. Point72 Asia Singapore Pte. Ltd. increased its stake in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Globalstar by 26.4% in the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after buying an additional 68,599 shares during the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after buying an additional 949,025 shares in the last quarter. 18.89% of the stock is owned by institutional investors.

About Globalstar

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.