Globalstar (NASDAQ:GSAT) Stock Price Down 7.7% – Time to Sell?

Shares of Globalstar, Inc. (NASDAQ:GSAT) fell 7.7% during mid-day trading on Thursday . The company traded as low as $62.68 and last traded at $62.1770. 431,428 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 662,172 shares. The stock had previously closed at $67.38.

Analyst Ratings Changes

GSAT has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective for the company. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research note on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Globalstar presently has a consensus rating of “Hold” and a consensus price target of $69.00.

Globalstar Price Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of -404.97, a PEG ratio of 99.74 and a beta of 1.43. The stock’s 50 day simple moving average is $60.42 and its 200-day simple moving average is $55.18.

Insider Buying and Selling

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 682 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the sale, the general counsel owned 143,348 shares of the company’s stock, valued at $8,215,273.88. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 714 shares of the company’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $59.56, for a total value 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 trade represents a 1.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 7,519 shares of company stock worth $448,425. Corporate insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. Wealth Enhancement Advisory Services LLC boosted its position in Globalstar by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after purchasing an additional 248 shares during the period. Clearstead Trust LLC grew its holdings in Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock valued at $130,000 after purchasing an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar during the fourth quarter valued at approximately $26,000. NewEdge Advisors LLC raised its position in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after purchasing an additional 430 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of Globalstar in the fourth quarter valued at approximately $27,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.