Globalstar (NYSE:GSAT) Shares Down 3.2% – Should You Sell?

Shares of Globalstar, Inc. (NYSE:GSAT) dropped 3.2% during mid-day trading on Tuesday . The company traded as low as $2.06 and last traded at $2.10. Approximately 8,405,034 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 8,176,154 shares. The stock had previously closed at $2.17.

Analyst Ratings Changes

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

Globalstar Trading Down 3.7 %

The firm has a market capitalization of $3.96 billion, a P/E ratio of -69.67 and a beta of 1.10. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The company has a 50 day simple moving average of $2.01.

Insiders Place Their Bets

In other Globalstar news, Director James Monroe III purchased 530,000 shares of Globalstar stock in a transaction on Friday, December 13th. The shares were purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the transaction, the director now directly owns 6,834,090 shares in the company, valued at approximately $12,984,771. This represents a 8.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the transaction, the vice president now owns 6,383,649 shares in the company, valued at $14,171,700.78. The trade was a 35.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

Several large investors have recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new position in Globalstar in the 3rd quarter worth approximately $56,000. Sender Co & Partners Inc. purchased a new stake in shares of Globalstar during the third quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets grew its stake in Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after acquiring an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd raised its position in Globalstar by 3,472.7% during 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. 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.