Globalstar (NYSE:GSAT) Trading Down 3.2% - Here's Why

Globalstar, Inc. (NYSE:GSAT - Get Free Report) dropped 3.2% during trading on Tuesday . The stock traded as low as $2.06 and last traded at $2.10. Approximately 8,405,034 shares traded hands during trading, an increase of 3% from the average daily volume of 8,176,154 shares. The stock had previously closed at $2.17.

Analyst Ratings Changes

Separately, StockNews.com raised Globalstar from a "sell" rating to a "hold" rating in a report on Monday, November 11th.

Globalstar Stock Down 4.6 %

The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of -69.00 and a beta of 1.10. The stock has a 50-day simple moving average of $2.02. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Insider Transactions at Globalstar

In other news, CFO Rebecca Clary sold 37,688 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $2.13, for a total transaction of $80,275.44. Following the sale, the chief financial officer now directly owns 1,396,027 shares in the company, valued at $2,973,537.51. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James Monroe III acquired 500,000 shares of the business's stock in a transaction dated Thursday, December 26th. The stock was purchased at an average price of $2.10 per share, with a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 11,334,090 shares of the company's stock, valued at $23,801,589. This trade represents a 4.62 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 3,030,000 shares of company stock worth $5,987,000 and sold 3,666,312 shares worth $8,104,313. 61.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in GSAT. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar during the 3rd quarter valued at $56,000. Sender Co & Partners Inc. purchased a new position in shares of Globalstar in the 3rd quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company's stock valued at $161,000 after purchasing an additional 117,864 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company's stock valued at $407,000 after buying an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company's stock worth $1,211,000 after buying an additional 949,025 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.