Insider Selling: Globalstar, Inc. (NYSE:GSAT) VP Sells 3,500,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar 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 in the company, valued at $14,171,700.78. This 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 accessible through this hyperlink.

Globalstar Stock Performance

Shares of Globalstar stock traded down $0.05 on Friday, reaching $1.95. The company had a trading volume of 21,621,100 shares, compared to its average volume of 7,884,951. The business has a 50 day simple 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. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10.

Hedge Funds Weigh In On Globalstar

Several institutional investors have recently modified their holdings of the business. Barclays PLC raised its position in Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after purchasing an additional 340,476 shares in the last quarter. Geode Capital Management LLC raised its holdings in Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after acquiring an additional 382,288 shares in the last quarter. Sender Co & Partners Inc. purchased a new position in Globalstar in the third quarter worth approximately $106,000. XTX Topco Ltd grew its holdings in Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after acquiring an additional 949,025 shares in the last quarter. Finally, State Street Corp grew its holdings in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

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

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.