Insider Selling: Globalstar (NASDAQ:GSAT) CEO Sells $66,078.43 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 1,153 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $66,078.43. Following the completion of the transaction, the chief executive officer directly owned 61,080 shares in the company, valued at approximately $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Globalstar Stock Performance

GSAT opened at $58.68 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of -391.17, a PEG ratio of 95.80 and a beta of 1.43. The company has a fifty day moving average of $60.74 and a 200 day moving average of $53.44. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88.

Institutional Trading of Globalstar

Large investors have recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar during the fourth quarter worth about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Globalstar during the 4th quarter worth approximately $27,000. US Bancorp DE grew its position 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 shares of Globalstar in the third quarter valued at approximately $37,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Globalstar in the third quarter valued at approximately $40,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GSAT has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Craig Hallum reiterated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $69.00.

Globalstar Company Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.