Globalstar (NYSEAMERICAN:GSAT) Shares Gap Down - Here's Why

Globalstar, Inc. (NYSEAMERICAN:GSAT - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $1.71, but opened at $1.63. Globalstar shares last traded at $1.71, with a volume of 2,579,381 shares trading hands.

Analysts Set New Price Targets

Separately, Craig Hallum upped their target price on Globalstar from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Monday, November 4th.

Globalstar Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of -57.00 and a beta of 0.88. The business's 50 day moving average price is $1.25 and its 200 day moving average price is $1.24.

Insider Activity at Globalstar

In related news, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total value of $93,750.00. Following the sale, the chief financial officer now owns 1,418,745 shares of the company's stock, valued at approximately $1,773,431.25. This trade represents a 5.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of the business's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the sale, the vice president now owns 10,278,649 shares of the company's stock, valued at approximately $12,539,951.78. This trade represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently bought and sold shares of GSAT. PFG Investments LLC lifted its stake in Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company's stock worth $25,000 after purchasing an additional 10,000 shares in the last quarter. Empowered Funds LLC acquired a new position in Globalstar during the 1st quarter worth about $26,000. CWA Asset Management Group LLC acquired a new position in Globalstar during the 3rd quarter worth about $27,000. XTX Topco Ltd purchased a new position in Globalstar during the 2nd quarter valued at about $31,000. Finally, Second Line Capital LLC acquired a new position in Globalstar in the 1st quarter valued at about $34,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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.

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