Globalstar (NYSEAMERICAN:GSAT) Shares Down 3.7% – What’s Next?

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock price traded down 3.7% during mid-day trading on Wednesday . The stock traded as low as $1.83 and last traded at $1.83. 2,146,005 shares traded hands during trading, a decline of 67% from the average session volume of 6,581,759 shares. The stock had previously closed at $1.90.

Wall Street Analyst Weigh In

Separately, Craig Hallum raised their target price on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th.

Globalstar Trading Down 5.8 %

The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $3.40 billion, a PE ratio of -62.67 and a beta of 0.88. The business’s 50-day moving average is $1.25 and its two-hundred day moving average is $1.24.

Insider Activity

In other news, VP Timothy Evan Taylor sold 395,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several large investors have recently added to or reduced their stakes in GSAT. CIBC Asset Management Inc lifted its holdings in Globalstar by 154.9% during the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after buying an additional 32,535 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Globalstar by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after acquiring an additional 307,357 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Globalstar by 8.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares during the last quarter. Inspire Investing LLC increased its position in Globalstar by 28.2% in the 2nd quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock valued at $357,000 after acquiring an additional 70,179 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Globalstar by 24.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock valued at $307,000 after acquiring an additional 48,566 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

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.