Insider Selling: Globalstar, Inc. (NYSE:GSAT) CFO Sells 37,688 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) CFO Rebecca Clary sold 37,688 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $2.13, for a total value of $80,275.44. Following the completion of the transaction, the chief financial officer now directly owns 1,396,027 shares in the company, valued at $2,973,537.51. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Globalstar Trading Down 9.9 %

NYSE:GSAT opened at $2.00 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. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74. The stock’s 50-day moving average price is $1.92.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Barclays PLC grew its holdings in shares of Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after buying an additional 340,476 shares in the last quarter. Geode Capital Management LLC boosted its position in Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after purchasing an additional 382,288 shares during the last quarter. Sender Co & Partners Inc. acquired a new position in Globalstar during the third quarter valued at approximately $106,000. XTX Topco Ltd boosted its position in Globalstar by 3,472.7% during 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. Finally, State Street Corp boosted its position in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after purchasing an additional 580,305 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

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.