Insider Selling: Globalstar (NASDAQ:GSAT) CEO Sells 714 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 714 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $59.56, for a total transaction of $42,525.84. Following the sale, the chief executive officer owned 67,032 shares of the company’s stock, valued at approximately $3,992,425.92. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Globalstar Stock Performance

Shares of GSAT stock traded up $2.85 during mid-day trading on Thursday, reaching $61.53. The company’s stock had a trading volume of 490,069 shares, compared to its average volume of 615,530. The company’s 50 day simple moving average is $60.49 and its 200-day simple moving average is $54.13. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $74.88. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar during the fourth quarter worth about $27,000. US Bancorp DE lifted its stake in shares of Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of Globalstar in the third quarter worth about $37,000. Finally, Advisory Services Network LLC purchased a new position in Globalstar in the third quarter valued at about $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.