Globalstar (NYSEARCA:GSAT) Stock Price Down 4.8% – Should You Sell?

Globalstar, Inc. (NYSEARCA:GSAT) dropped 4.8% during trading on Thursday . The company traded as low as $1.49 and last traded at $1.50. Approximately 2,886,137 shares were traded during trading, a decline of 80% from the average daily volume of 14,100,684 shares. The stock had previously closed at $1.57.

Wall Street Analysts Forecast Growth

GSAT has been the topic of several research reports. Craig Hallum increased their target price on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Trading Down 4.8 %

The company has a market cap of $2.83 billion, a PE ratio of -49.83 and a beta of 1.07. The stock’s 50-day moving average price is $1.98. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insider Transactions at Globalstar

In related news, VP Timothy Evan Taylor sold 3,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the transaction, the vice president now owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William A. Hasler sold 90,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the transaction, the director now directly owns 848,668 shares in the company, valued at $1,637,929.24. The trade was a 9.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. 60.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Globalstar

Several large investors have recently bought and sold shares of the stock. State Street Corp raised its stake in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares in the last quarter. Geode Capital Management LLC boosted its stake in Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares in the last quarter. FMR LLC grew its holdings in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after purchasing an additional 1,102,776 shares during the last quarter. Finally, Robertson Stephens Wealth Management LLC increased its stake in shares of Globalstar by 1.3% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 2,271,500 shares of the company’s stock valued at $4,702,000 after buying an additional 30,000 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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.