Paul E. Jacobs Sells 14,539 Shares of Globalstar, Inc. (NYSEARCA:GSAT) Stock

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 14,539 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $2.19, for a total value of $31,840.41. Following the sale, the chief executive officer now owns 84,815 shares of the company’s stock, valued at approximately $185,744.85. This trade represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Globalstar Price Performance

Shares of GSAT stock traded down $0.05 during trading hours on Tuesday, reaching $2.14. The company had a trading volume of 16,849,233 shares, compared to its average volume of 17,943,689. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a fifty day moving average of $1.25 and a 200-day moving average of $1.24. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -71.33 and a beta of 0.88. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.74.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in Globalstar by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after purchasing an additional 307,357 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Globalstar by 10.7% during the second quarter. Principal Financial Group Inc. now owns 460,659 shares of the company’s stock worth $516,000 after purchasing an additional 44,514 shares in the last quarter. Van ECK Associates Corp lifted its stake in Globalstar by 12.0% during the second quarter. Van ECK Associates Corp now owns 336,908 shares of the company’s stock worth $377,000 after purchasing an additional 36,192 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Globalstar by 154.9% during the second quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after purchasing an additional 32,535 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Globalstar by 2.9% during the second quarter. Rhumbline Advisers now owns 1,021,836 shares of the company’s stock worth $1,144,000 after purchasing an additional 28,496 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on GSAT. Craig Hallum boosted their price objective on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

About Globalstar

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.