Globalstar (NASDAQ:GSAT) Trading Down 5.5% – Time to Sell?

Globalstar, Inc. (NASDAQ:GSAT) shares were down 5.5% during mid-day trading on Monday . The stock traded as low as $72.82 and last traded at $73.4520. Approximately 404,857 shares changed hands during trading, a decline of 48% from the average daily volume of 776,927 shares. The stock had previously closed at $77.73.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GSAT. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 29th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective for the company. Finally, Craig Hallum restated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Globalstar presently has a consensus rating of “Hold” and an average price target of $69.00.

Globalstar Stock Performance

The stock has a market cap of $9.42 billion, a P/E ratio of -491.77, a price-to-earnings-growth ratio of 126.91 and a beta of 1.46. The stock’s 50 day simple moving average is $61.26 and its two-hundred day simple moving average is $57.07. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Insider Buying and Selling at Globalstar

In other news, CEO Paul E. Jacobs sold 1,153 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $66,078.43. Following the transaction, the chief executive officer owned 61,080 shares in the company, valued at approximately $3,500,494.80. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the sale, the general counsel directly owned 143,348 shares in the company, valued at $8,215,273.88. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,999 shares of company stock worth $293,646 over the last ninety days. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

A number of hedge funds have recently added to or reduced their stakes in GSAT. Vanguard Group Inc. raised its holdings in Globalstar by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after purchasing an additional 141,451 shares during the last quarter. 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 during the last quarter. Ashford Capital Management Inc. raised its position in Globalstar by 3.8% in the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after buying an additional 51,703 shares during the last quarter. State Street Corp lifted its position in shares of Globalstar by 2.4% during the fourth 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 in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Globalstar by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after buying an additional 4,799 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.