Paul E. Jacobs Sells 7,087 Shares of Globalstar, Inc. (NYSEARCA:GSAT) Stock

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 7,087 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total value of $156,977.05. Following the completion of the transaction, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at approximately $274,084.10. This trade represents a 36.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Globalstar Stock Performance

Shares of Globalstar stock traded down $0.03 on Wednesday, hitting $22.16. 635,594 shares of the company’s stock were exchanged, compared to its average volume of 666,231. Globalstar, Inc. has a 1 year low of $15.00 and a 1 year high of $41.10. The firm has a 50-day moving average of $10.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The company has a market capitalization of $41.98 billion, a PE ratio of -738.67 and a beta of 1.07.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd lifted its holdings in Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares in the last quarter. FMR LLC raised its position in shares of Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares during the period. Barclays PLC lifted its stake in shares of Globalstar by 36.6% during the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after buying an additional 340,476 shares in the last quarter. State Street Corp boosted its holdings in Globalstar by 3.4% in the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after buying an additional 580,305 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after buying an additional 603,285 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Craig Hallum lowered their price objective on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Morgan Stanley boosted their target price on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Finally, B. Riley raised their price target on Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

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.