Globalstar (NYSEARCA:GSAT) Shares Down 6.5% – Time to Sell?

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price was down 6.5% during mid-day trading on Tuesday . The company traded as low as $63.74 and last traded at $62.3130. Approximately 61,517 shares changed hands during trading, a decline of 93% from the average daily volume of 900,047 shares. The stock had previously closed at $66.63.

Globalstar Trading Down 6.2%

The firm has a market capitalization of $7.92 billion, a P/E ratio of -2,082.33 and a beta of 1.08. 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 firm has a 50 day moving average of $56.64 and a 200-day moving average of $38.72.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GSAT. Beck Mack & Oliver LLC acquired a new stake in shares of Globalstar in the 1st quarter valued at $24,578,000. American Century Companies Inc. boosted its stake in shares of Globalstar by 403.6% in the 1st quarter. American Century Companies Inc. now owns 727,173 shares of the company’s stock valued at $15,169,000 after purchasing an additional 582,776 shares in the last quarter. Long Focus Capital Management LLC acquired a new stake in Globalstar in the first quarter valued at approximately $7,718,000. Nuveen LLC acquired a new position in shares of Globalstar during the first quarter worth $2,611,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Globalstar in the 1st quarter worth about $1,915,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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. It also provides one-way or two-way communications and data transmissions using mobile devices, including the SPOT family of products, such as SPOT X, SPOT Gen4, and SPOT Trace that transmit messages and the location of the device; commercial Internet of Things transmission products to track cargo containers and rail cars, as well as to monitor utility meters, and oil and gas assets; small satellite transmitter modules comprising the STX-3, ST-150 and ST100, and chips that enable an integrator’s products to access its network; engineering and other communication services using MSS and terrestrial spectrum licenses; undertakes installation of gateways and antennas; and hardware and software products design and development services.