Globalstar (NYSEARCA:GSAT) Shares Gap Down on Analyst Downgrade

Globalstar, Inc. (NYSEARCA:GSAT)’s share price gapped down prior to trading on Friday after Craig Hallum lowered their price target on the stock from $75.00 to $45.00. The stock had previously closed at $21.56, but opened at $19.30. Craig Hallum currently has a buy rating on the stock. Globalstar shares last traded at $20.69, with a volume of 287,055 shares.

A number of other research analysts have also recently commented on the company. B. Riley upped their target price on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Morgan Stanley raised their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday.

Insider Activity at Globalstar

In other Globalstar news, CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $2.19, for a total value of $31,840.41. Following the completion of the transaction, the chief executive officer now directly owns 84,815 shares in the company, valued at approximately $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the vice president now 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 disclosure for this sale can be found here. Over the last three months, insiders bought 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. 60.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GSAT. XTX Topco Ltd raised its stake in Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the last quarter. FMR LLC boosted its stake in Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. Barclays PLC boosted its stake in Globalstar by 36.6% in the 3rd 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 in the last quarter. State Street Corp grew its position 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 purchasing an additional 580,305 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after purchasing an additional 603,285 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

The company has a fifty day simple moving average of $7.10. 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 market capitalization of $40.90 billion, a price-to-earnings ratio of -719.67 and a beta of 1.07.

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.