Globalstar (NASDAQ:GSAT) Stock Price Down 6.6% – What’s Next?

Shares of Globalstar, Inc. (NASDAQ:GSAT) fell 6.6% during trading on Tuesday . The stock traded as low as $64.26 and last traded at $64.51. 449,938 shares changed hands during trading, a decline of 50% from the average session volume of 898,175 shares. The stock had previously closed at $69.05.

Analyst Upgrades and Downgrades

GSAT has been the topic of several recent research reports. Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Globalstar in a report on Tuesday, December 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a research report on Tuesday. They set a “hold” rating and a $62.00 target price on the stock. Finally, B. Riley upped their target price on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $68.50.

Globalstar Stock Performance

The stock has a market cap of $8.25 billion, a price-to-earnings ratio of -141.35 and a beta of 1.08. The company has a quick ratio of 2.46, a current ratio of 2.53 and a debt-to-equity ratio of 1.33. The stock’s fifty day moving average is $54.97 and its 200-day moving average is $37.23.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. The firm had revenue of $73.85 million during the quarter. During the same period in the previous year, the company posted $0.06 earnings per share. Globalstar’s revenue for the quarter was up 2.1% on a year-over-year basis.

Insider Buying and Selling

In other news, CEO Paul E. Jacobs sold 53,479 shares of Globalstar stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $34.95, for a total value of $1,869,091.05. Following the completion of the transaction, the chief executive officer owned 58,895 shares of the company’s stock, valued at $2,058,380.25. This trade represents a 47.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel L Barbee Iv Ponder sold 9,790 shares of Globalstar stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $58.32, for a total value of $570,952.80. Following the transaction, the general counsel owned 135,658 shares of the company’s stock, valued at $7,911,574.56. The trade was a 6.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 98,712 shares of company stock worth $4,385,863. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its holdings in Globalstar by 2.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock worth $896,000 after purchasing an additional 540 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Globalstar by 0.8% in the third quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock valued at $2,616,000 after buying an additional 546 shares during the period. Cannell Capital LLC boosted its position in Globalstar by 1.1% during the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after buying an additional 580 shares during the period. MRP Capital Investments LLC grew its holdings in Globalstar by 22.9% during the 3rd quarter. MRP Capital Investments LLC now owns 3,350 shares of the company’s stock worth $122,000 after acquiring an additional 625 shares during the last quarter. Finally, CWM LLC increased its position in Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after acquiring an additional 664 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.