Globalstar (NYSEARCA:GSAT) Shares Gap Down – Here’s What Happened

Globalstar, Inc. (NYSEARCA:GSAT) gapped down prior to trading on Wednesday . The stock had previously closed at $1.91, but opened at $1.45. Globalstar shares last traded at $1.49, with a volume of 29,947,540 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Craig Hallum lifted their price objective on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Price Performance

The company has a market cap of $2.93 billion, a price-to-earnings ratio of -51.50 and a beta of 1.07. 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 firm’s 50 day simple moving average is $1.99.

Insider Buying and Selling

In related news, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the sale, the vice president now directly owns 6,383,649 shares in the company, valued at $14,171,700.78. This trade represents a 35.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction on Monday, January 6th. The shares were 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 of the company’s stock, valued at $185,744.85. This represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Over 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. Insiders own 60.76% of the company’s stock.

Institutional Trading of Globalstar

Large investors have recently made changes to their positions in the company. Robertson Stephens Wealth Management LLC increased its position in Globalstar by 1.3% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 2,271,500 shares of the company’s stock valued at $4,702,000 after acquiring an additional 30,000 shares during the period. Clay Northam Wealth Management LLC purchased a new stake in shares of Globalstar during the fourth quarter worth approximately $108,000. Masso Torrence Wealth Management Inc. acquired a new stake in shares of Globalstar during the fourth quarter worth $52,000. Curbstone Financial Management Corp grew its position in Globalstar by 4.5% in the 4th quarter. Curbstone Financial Management Corp now owns 464,000 shares of the company’s stock valued at $960,000 after buying an additional 20,000 shares during the last quarter. Finally, IRON Financial LLC acquired a new position in Globalstar in the 4th quarter valued at $29,000. 18.89% of the stock is owned by institutional investors and hedge funds.

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.