Insider Selling: Globalstar, Inc. (NYSEARCA:GSAT) CEO Sells 14,539 Shares of Stock

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the sale, the chief executive officer now directly owns 84,815 shares in the company, valued at $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Globalstar Price Performance

Shares of NYSEARCA GSAT opened at $1.98 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. The firm has a fifty day moving average price of $2.05. Globalstar, Inc. has a one year low of $1.00 and a one year high of $2.74. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of -66.00 and a beta of 0.88.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently made changes to their positions in GSAT. JPMorgan Chase & Co. boosted its position in shares of Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares in the last quarter. Barclays PLC lifted its holdings in shares of Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after purchasing an additional 340,476 shares during the period. Geode Capital Management LLC lifted its holdings in Globalstar by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after buying an additional 382,288 shares during the period. Sender Co & Partners Inc. acquired a new position in shares of Globalstar in the third quarter worth approximately $106,000. Finally, XTX Topco Ltd lifted its position in shares of Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after purchasing an additional 949,025 shares during the period. 18.89% of the stock is currently owned by institutional investors.

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.