Paul Jacobs Sells 1,153 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 1,153 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $66,078.43. Following the transaction, the chief executive officer directly owned 61,080 shares of the company’s stock, valued at approximately $3,500,494.80. This trade represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Globalstar Stock Performance

Shares of GSAT stock traded down $0.48 during trading hours on Thursday, reaching $57.11. The stock had a trading volume of 513,986 shares, compared to its average volume of 632,339. The firm has a market capitalization of $7.34 billion, a PE ratio of -380.71, a price-to-earnings-growth ratio of 95.95 and a beta of 1.43. The firm has a 50-day simple moving average of $60.92 and a 200-day simple moving average of $53.01. Globalstar, Inc. has a twelve month low of $17.24 and a twelve month high of $74.88. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GSAT. Vanguard Group Inc. increased its stake in shares of Globalstar by 2.8% during the third quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock valued at $190,455,000 after acquiring an additional 141,451 shares during the period. Greenhouse Funds LLLP boosted its stake in Globalstar by 6.1% during the 3rd quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock valued at $78,209,000 after purchasing an additional 123,676 shares in the last quarter. Ashford Capital Management Inc. boosted its stake in Globalstar by 3.8% during the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after purchasing an additional 51,703 shares in the last quarter. State Street Corp increased its position in shares of Globalstar by 2.4% during the 4th quarter. State Street Corp now owns 1,343,869 shares of the company’s stock valued at $82,030,000 after purchasing an additional 31,977 shares during the period. Finally, Senvest Management LLC raised its stake in shares of Globalstar by 51.6% in the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after buying an additional 452,624 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GSAT shares. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Craig Hallum reissued a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target for the company. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.00.

About Globalstar

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.