Globalstar Target of Unusually Large Options Trading (NASDAQ:GSAT)

Globalstar, Inc. (NASDAQ:GSAT) was the target of unusually large options trading activity on Wednesday. Stock investors bought 6,154 call options on the stock. This is an increase of approximately 135% compared to the average volume of 2,617 call options.

Analysts Set New Price Targets

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

Globalstar Stock Performance

Shares of NASDAQ GSAT opened at $60.28 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 stock has a 50 day simple moving average of $60.37 and a 200-day simple moving average of $55.21. The company has a market cap of $7.75 billion, a PE ratio of -401.84, a P/E/G ratio of 110.01 and a beta of 1.43. Globalstar has a 12-month low of $17.24 and a 12-month high of $74.88.

Insider Buying and Selling

In related news, CFO Rebecca Clary sold 1,260 shares of the business’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the completion of the sale, the chief financial officer directly owned 108,123 shares of the company’s stock, valued at $6,640,914.66. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Paul E. Jacobs sold 1,153 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $66,078.43. Following the completion of the sale, the chief executive officer directly owned 61,080 shares of the company’s stock, valued at approximately $3,500,494.80. This represents a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 7,519 shares of company stock worth $448,425. Corporate insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Greenhouse Funds LLLP increased its stake in Globalstar by 11.6% during the 2nd quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock valued at $47,701,000 after buying an additional 209,825 shares during the period. Entropy Technologies LP bought a new stake in shares of Globalstar during the 2nd quarter worth about $351,000. SG Americas Securities LLC acquired a new stake in shares of Globalstar in the 3rd quarter worth approximately $713,000. Essex Investment Management Co. LLC bought a new position in shares of Globalstar in the third quarter valued at approximately $7,072,000. Finally, JT Stratford LLC bought a new position in shares of Globalstar in the third quarter valued at approximately $2,678,000. 18.89% of the stock is 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.