Globalstar (NYSE:GSAT) Stock Price Down 5% – Here’s Why

Globalstar, Inc. (NYSE:GSAT) dropped 5% on Friday . The company traded as low as $1.88 and last traded at $1.90. Approximately 5,524,709 shares changed hands during trading, a decline of 29% from the average daily volume of 7,809,490 shares. The stock had previously closed at $2.00.

Analysts Set New Price Targets

Separately, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Stock Down 3.5 %

The stock has a market cap of $3.65 billion, a P/E ratio of -62.00 and a beta of 1.10. The company has a fifty day moving average of $1.92. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Insider Transactions at Globalstar

In related news, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the completion of the sale, the director now directly owns 848,668 shares in the company, valued at approximately $1,637,929.24. The trade was a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Rebecca Clary sold 37,688 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $2.13, for a total value of $80,275.44. Following the completion of the sale, the chief financial officer now owns 1,396,027 shares of the company’s stock, valued at approximately $2,973,537.51. This trade represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,312 shares of company stock worth $334,313 over the last quarter. Company insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its stake in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after purchasing an additional 580,305 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after buying an additional 382,288 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after buying an additional 196,644 shares in the last quarter. FMR LLC increased its holdings in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after buying an additional 1,102,776 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after buying an additional 340,476 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.