Globalstar (NYSE:GSAT) Stock Price Down 3.2% – Should You Sell?

Globalstar, Inc. (NYSE:GSAT)’s stock price traded down 3.2% on Tuesday . The stock traded as low as $2.06 and last traded at $2.10. 8,405,034 shares traded hands during trading, an increase of 3% from the average session volume of 8,176,154 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

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

Globalstar Trading Down 3.7 %

The firm has a market cap of $3.96 billion, a PE ratio of -69.67 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm’s 50-day moving average price is $2.01.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 37,688 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $2.13, for a total transaction of $80,275.44. Following the completion of the sale, the chief financial officer now directly owns 1,396,027 shares in the company, valued at approximately $2,973,537.51. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Monroe III bought 530,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the transaction, the director now owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This represents a 8.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Globalstar during the 3rd quarter worth approximately $56,000. BNP Paribas Financial Markets raised its position in Globalstar by 26.4% in the third 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 period. Sender Co & Partners Inc. acquired a new position in shares of Globalstar in the 3rd quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in 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 buying an additional 117,864 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after acquiring an additional 196,644 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.