Globalstar (NYSE:GSAT) Trading Down 5% – Here’s What Happened

Globalstar, Inc. (NYSE:GSAT)’s share price dropped 5% during mid-day trading on Friday . The stock traded as low as $1.88 and last traded at $1.90. Approximately 5,524,709 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 7,809,490 shares. The stock had previously closed at $2.00.

Wall Street Analysts Forecast Growth

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

Globalstar Price Performance

The company has a 50 day moving average of $1.92. The company has a market cap of $3.65 billion, a PE ratio of -62.00 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Insider Transactions at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 38,624 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $2.08, for a total value 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 $4,279,061.28. This represents a 1.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rebecca Clary sold 37,688 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $2.13, for a total transaction of $80,275.44. Following the completion of the transaction, the chief financial officer now owns 1,396,027 shares of the company’s stock, valued at approximately $2,973,537.51. The trade was a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,312 shares of company stock worth $334,313 over the last three months. 61.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of Globalstar in the third quarter worth $56,000. Sender Co & Partners Inc. purchased a new position in shares of Globalstar in the third quarter worth $106,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after buying an additional 117,864 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of 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 in the last quarter. Finally, XTX Topco Ltd raised its stake 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 in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.