Globalstar (NYSE:GSAT) Stock Price Down 5% – Here’s Why

Globalstar, Inc. (NYSE:GSAT) shares dropped 5% during mid-day trading on Friday . The company traded as low as $1.88 and last traded at $1.90. Approximately 5,524,709 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 7,809,490 shares. The stock had previously closed at $2.00.

Wall Street Analyst Weigh In

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

Globalstar Trading Down 3.5 %

The stock’s fifty day simple moving average is $1.92. The firm has a market capitalization of $3.65 billion, a PE ratio of -62.00 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Insider Activity at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 38,624 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $2.08, for a total value of $80,337.92. Following the transaction, the general counsel now directly owns 2,057,241 shares in the company, valued at $4,279,061.28. This trade represents a 1.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William A. Hasler sold 90,000 shares of Globalstar stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now owns 848,668 shares in the company, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,312 shares of company stock valued at $334,313 in the last three months. Corporate insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Globalstar by 3.4% in the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after acquiring an additional 580,305 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after acquiring an additional 382,288 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Globalstar by 3.3% in the third 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 last quarter. FMR LLC increased its position 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 acquiring an additional 1,102,776 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Globalstar by 36.6% in the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after acquiring an additional 340,476 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.