Globalstar (NASDAQ:GSAT) Shares Down 6.6% – Should You Sell?

Shares of Globalstar, Inc. (NASDAQ:GSAT) were down 6.6% during mid-day trading on Tuesday . The stock traded as low as $64.26 and last traded at $64.51. Approximately 449,938 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 898,175 shares. The stock had previously closed at $69.05.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. B. Riley raised their target price on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research note on Tuesday. They set a “hold” rating and a $62.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday. Finally, Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Globalstar presently has an average rating of “Hold” and a consensus target price of $68.50.

Globalstar Stock Up 3.0%

The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53. The company’s 50-day moving average price is $55.82 and its two-hundred day moving average price is $37.83.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $73.85 million during the quarter. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.06 earnings per share.

Insider Activity

In related news, CFO Rebecca Clary sold 4,829 shares of Globalstar stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $56.64, for a total value of $273,514.56. Following the completion of the sale, the chief financial officer owned 106,992 shares of the company’s stock, valued at approximately $6,060,026.88. This trade represents a 4.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 1,221 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $67.88, for a total transaction of $82,881.48. Following the completion of the transaction, the general counsel directly owned 134,437 shares in the company, valued at $9,125,583.56. This trade represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 108,370 shares of company stock valued at $4,932,892. 61.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE lifted its holdings in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Globalstar in the 3rd quarter valued at $37,000. Advisory Services Network LLC purchased a new stake in Globalstar in the 3rd quarter valued at $40,000. Dakota Community Bank & Trust NA bought a new position in Globalstar during the 3rd quarter valued at $46,000. Finally, CWM LLC boosted its holdings in Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after acquiring an additional 664 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.