Globalstar (NASDAQ:GSAT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Friday.
Globalstar Trading Up 2.2%
Shares of GSAT traded up $0.40 during trading hours on Friday, reaching $18.97. 171,722 shares of the company traded hands, compared to its average volume of 775,378. The firm has a market capitalization of $2.40 billion, a P/E ratio of -25.99 and a beta of 0.87. Globalstar has a 12-month low of $15.00 and a 12-month high of $41.10.
Insiders Place Their Bets
In other news, Director James Monroe III bought 50,000 shares of the stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $18.68 per share, for a total transaction of $934,000.00. Following the acquisition, the director now owns 58,833,076 shares of the company's stock, valued at $1,099,001,859.68. This represents a 0.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 61.00% of the company's stock.
Hedge Funds Weigh In On Globalstar
A hedge fund recently bought a new stake in Globalstar stock. Acadian Asset Management LLC acquired a new stake in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,777 shares of the company's stock, valued at approximately $99,000. Institutional investors own 18.89% of the company's stock.
Globalstar Company Profile
(
Get Free Report)
Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.
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