Globalstar (NYSEARCA:GSAT) Shares Gap Down Following Analyst Downgrade

Globalstar, Inc. (NYSEARCA:GSAT)’s share price gapped down prior to trading on Friday after Craig Hallum lowered their price target on the stock from $75.00 to $45.00. The stock had previously closed at $21.56, but opened at $19.30. Craig Hallum currently has a buy rating on the stock. Globalstar shares last traded at $20.69, with a volume of 287,055 shares.

Several other equities research analysts have also recently commented on the company. StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Morgan Stanley upped 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. Finally, B. Riley lifted their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Insider Transactions at Globalstar

In related news, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the sale, the director now directly owns 848,668 shares in the company, valued at approximately $1,637,929.24. The trade was a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the completion of the transaction, the chief executive officer now owns 84,815 shares in the company, valued at $185,744.85. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 3,030,000 shares of company stock worth $5,987,000 and have sold 3,680,851 shares worth $8,136,154. Company insiders own 60.76% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently modified their holdings of the business. Capital Research Global Investors bought a new position in Globalstar in the 4th quarter worth $36,997,000. Wolf Hill Capital Management LP increased its position in Globalstar by 80.0% in the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after buying an additional 5,799,366 shares in the last quarter. Ashford Capital Management Inc. raised its stake in shares of Globalstar by 68.9% in the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock worth $25,605,000 after buying an additional 5,047,600 shares during the period. AGF Management Ltd. purchased a new position in shares of Globalstar during the 4th quarter valued at about $7,873,000. Finally, Greenhouse Funds LLLP grew its stake in shares of Globalstar by 14.2% during the 4th quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after acquiring an additional 3,300,470 shares during the period. Institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

The stock has a market capitalization of $40.90 billion, a P/E ratio of -719.67 and a beta of 1.07. The business has a fifty day moving average of $7.48. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

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.