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 company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total transaction of $156,977.05. Following the completion of the sale, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at $274,084.10. The trade was a 36.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Globalstar Trading Down 0.4 %

NYSEARCA GSAT opened at $21.33 on Friday. The business has a fifty day moving average price of $11.45. The stock has a market capitalization of $40.40 billion, a price-to-earnings ratio of -711.00 and a beta of 1.07. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 12-month low of $15.00 and a 12-month high of $41.10.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in Globalstar by 34.2% during the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock valued at $561,000 after purchasing an additional 115,359 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Globalstar in the 3rd quarter valued at $27,000. Tokio Marine Asset Management Co. Ltd. purchased a new position in Globalstar in the 3rd quarter worth $39,000. Thrivent Financial for Lutherans lifted its position in Globalstar by 57.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after acquiring an additional 19,946 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Globalstar during the 3rd quarter valued at about $199,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.