Globalstar (NASDAQ:GSAT) Stock Price Down 7.7% - Time to Sell?

Key Points

• Shares fell 7.7% to $62.18 on Thursday (low $62.68) on lighter-than-average volume of ~431,428 shares, down about 35% from the 662,172 daily average.
• Analysts are split—two Buys, one Hold and two Sells—with a MarketBeat consensus rating of "Hold" and a consensus target price of $69.00.
• Insiders own 61% of the stock but have recently sold 7,519 shares (~$448k) in the last three months, while institutional investors hold about 18.9%.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report)'s share price was down 7.7% on Thursday . The company traded as low as $62.68 and last traded at $62.1770. Approximately 431,428 shares traded hands during trading, a decline of 35% from the average daily volume of 662,172 shares. The stock had previously closed at $67.38.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Craig Hallum restated a "buy" rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday, December 16th. They set a "hold" rating and a $62.00 target price on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Globalstar in a report on Monday, December 29th. Finally, Zacks Research cut Globalstar from a "hold" rating to a "strong sell" rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $69.00.

Globalstar Trading Down 9.3%

The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of -404.97, a P/E/G ratio of 99.74 and a beta of 1.43. The company has a fifty day simple moving average of $60.42 and a 200-day simple moving average of $55.18.

Insider Buying and Selling at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 682 shares of the business's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the sale, the general counsel directly owned 143,348 shares of the company's stock, valued at $8,215,273.88. The trade was a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Clary sold 762 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $43,670.22. Following the completion of the sale, the chief financial officer owned 110,254 shares of the company's stock, valued at $6,318,656.74. The trade was a 0.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,519 shares of company stock valued at $448,425 in the last three months. 61.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Globalstar by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company's stock valued at $190,455,000 after purchasing an additional 141,451 shares during the period. Greenhouse Funds LLLP boosted its holdings in shares of Globalstar by 6.1% during the third quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company's stock worth $78,209,000 after purchasing an additional 123,676 shares during the period. Ashford Capital Management Inc. boosted its holdings in shares of Globalstar by 3.8% during the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company's stock worth $51,285,000 after purchasing an additional 51,703 shares during the period. State Street Corp grew its position in Globalstar by 2.4% during the fourth quarter. State Street Corp now owns 1,343,869 shares of the company's stock valued at $82,030,000 after purchasing an additional 31,977 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Globalstar by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company's stock valued at $78,331,000 after purchasing an additional 4,799 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.

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