Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs Sells 14,539 Shares

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 14,539 shares of Globalstar stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the sale, the chief executive officer now owns 84,815 shares in the company, valued at approximately $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Globalstar Trading Down 2.3 %

Shares of GSAT stock opened at $2.14 on Wednesday. The company has a market cap of $4.07 billion, a price-to-earnings ratio of -71.33 and a beta of 0.88. The company’s fifty day simple moving average is $2.06. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. Globalstar, Inc. has a 12 month low of $1.00 and a 12 month high of $2.74.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in shares of Globalstar by 12.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after acquiring an additional 307,357 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Globalstar by 10.7% in the 2nd quarter. Principal Financial Group Inc. now owns 460,659 shares of the company’s stock worth $516,000 after acquiring an additional 44,514 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Globalstar by 12.0% in the 2nd quarter. Van ECK Associates Corp now owns 336,908 shares of the company’s stock worth $377,000 after acquiring an additional 36,192 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Globalstar by 154.9% in the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after acquiring an additional 32,535 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Globalstar by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 1,021,836 shares of the company’s stock worth $1,144,000 after acquiring an additional 28,496 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

GSAT has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Craig Hallum boosted their target price on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Monday, November 4th.

Globalstar Company Profile

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.