Globalstar (NYSEARCA:GSAT) Shares Gap Down Following Insider Selling

Globalstar, Inc. (NYSEARCA:GSAT)’s share price gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $2.14, but opened at $2.05. Globalstar shares last traded at $2.03, with a volume of 2,452,803 shares trading hands.

Specifically, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research firms recently weighed in on GSAT. Craig Hallum boosted their target price on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Price Performance

The stock has a market cap of $3.90 billion, a price-to-earnings ratio of -68.33 and a beta of 0.88. The stock’s fifty day simple moving average is $2.06. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94.

Institutional Trading of Globalstar

A number of large investors have recently added to or reduced their stakes in GSAT. Bank of New York Mellon Corp increased its holdings in 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 during the last quarter. Principal Financial Group Inc. boosted its holdings in 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 buying an additional 44,514 shares during the period. CIBC Asset Management Inc grew its stake in Globalstar by 154.9% in the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after buying an additional 32,535 shares in the last quarter. Rhumbline Advisers grew its holdings in Globalstar by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 1,021,836 shares of the company’s stock valued at $1,144,000 after buying an additional 28,496 shares in the last quarter. Finally, PFG Investments LLC lifted its position in Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.