Paul Jacobs Sells 1,153 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 1,153 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 $66,078.43. Following the sale, the chief executive officer directly owned 61,080 shares in the company, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Globalstar Trading Up 2.7%

GSAT opened at $58.68 on Friday. 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 firm has a market cap of $7.54 billion, a price-to-earnings ratio of -391.17, a PEG ratio of 93.24 and a beta of 1.43. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $74.88. The stock has a fifty day moving average price of $60.74 and a 200-day moving average price of $53.27.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar in the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Globalstar in the 4th quarter valued at $27,000. US Bancorp DE boosted its holdings in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Globalstar in the third quarter worth $37,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Globalstar in the third quarter worth $40,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GSAT. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Craig Hallum reaffirmed a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Finally, Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $69.00.

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.