Globalstar, Inc. (NYSE:GSAT) VP Sells $7,770,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total value of $7,770,000.00. Following the sale, the vice president now owns 6,383,649 shares of the company’s stock, valued at approximately $14,171,700.78. This represents a 35.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Globalstar Stock Down 2.5 %

Shares of Globalstar stock traded down $0.05 during midday trading on Friday, hitting $1.95. The company had a trading volume of 21,621,100 shares, compared to its average volume of 7,884,951. The business has a fifty day moving average price of $1.92. The stock has a market capitalization of $3.69 billion, a PE ratio of -65.00 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. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.74.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased 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 acquiring an additional 196,644 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Globalstar in the third quarter valued at about $56,000. FMR LLC increased its holdings in shares of Globalstar by 32.7% in the third 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. BNP Paribas Financial Markets raised its stake in shares of Globalstar by 26.4% in the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

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.