Globalstar (NYSE:GSAT) Trading Down 5% – Here’s What Happened

Globalstar, Inc. (NYSE:GSAT)’s share price was down 5% during mid-day trading on Friday . The company traded as low as $1.88 and last traded at $1.90. Approximately 5,524,709 shares traded hands during trading, a decline of 29% from the average daily volume of 7,809,490 shares. The stock had previously closed at $2.00.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Stock Down 3.5 %

The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of -62.00 and a beta of 1.10. 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’s 50 day simple moving average is $1.92.

Insider Transactions at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 37,688 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the transaction, the chief financial officer now directly owns 1,396,027 shares in the company, valued at $2,973,537.51. This represents a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel L Barbee Iv Ponder sold 38,624 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $2.08, for a total transaction of $80,337.92. Following the transaction, the general counsel now owns 2,057,241 shares in the company, valued at approximately $4,279,061.28. The trade was a 1.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,312 shares of company stock worth $334,313. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar during the third quarter valued at about $56,000. BNP Paribas Financial Markets raised its position in shares of Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares during the last quarter. Sender Co & Partners Inc. purchased a new position in shares of Globalstar in the 3rd quarter valued at approximately $106,000. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

About Globalstar

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.