Globalstar (NYSE:GSAT) Trading Down 3.2% – What’s Next?

Globalstar, Inc. (NYSE:GSAT)’s share price was down 3.2% during mid-day trading on Tuesday . The stock traded as low as $2.06 and last traded at $2.10. Approximately 8,405,034 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 8,176,154 shares. The stock had previously closed at $2.17.

Analyst Ratings Changes

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

Globalstar Stock Performance

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 company has a fifty day simple moving average of $2.01. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -69.67 and a beta of 1.10.

Insider Buying and Selling

In other Globalstar news, VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the completion of the sale, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This represents a 35.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel L Barbee Iv Ponder sold 38,624 shares of Globalstar stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $2.08, for a total transaction of $80,337.92. Following the completion of the transaction, the general counsel now directly owns 2,057,241 shares in the company, valued at approximately $4,279,061.28. The trade was a 1.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders acquired 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its stake in Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares during the last quarter. XTX Topco Ltd boosted its holdings in Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares during the last quarter. JPMorgan Chase & Co. grew its position in Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after purchasing an additional 603,285 shares during the period. State Street Corp raised its stake in shares of Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after buying an additional 580,305 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Globalstar by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after buying an additional 382,288 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Company Profile

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.