Timothy Evan Taylor Sells 3,500,000 Shares of Globalstar, Inc. (NYSE:GSAT) Stock

Globalstar, Inc. (NYSE:GSAT) VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the sale, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Globalstar Price Performance

GSAT opened at $1.95 on Friday. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10. The firm’s 50-day moving average price is $1.92. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently modified their holdings of the company. XTX Topco Ltd grew its holdings in shares of Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after acquiring an additional 949,025 shares in the last quarter. FMR LLC boosted its position in Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after purchasing an additional 1,102,776 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Globalstar in the 3rd quarter valued at $56,000. Finally, Sender Co & Partners Inc. purchased a new stake in shares of Globalstar during the 3rd quarter valued at $106,000. Institutional investors own 18.89% of the company’s stock.

About Globalstar

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.