Globalstar (NYSEARCA:GSAT) Shares Gap Down – Here’s What Happened

Globalstar, Inc. (NYSEARCA:GSAT) shares gapped down before the market opened on Friday . The stock had previously closed at $20.19, but opened at $19.04. Globalstar shares last traded at $18.56, with a volume of 36,698 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GSAT. Craig Hallum lowered their target price on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday, February 28th. Morgan Stanley boosted their target price on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, B. Riley raised their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th.

Globalstar Price Performance

The company has a market capitalization of $33.30 billion, a PE ratio of -586.00 and a beta of 1.07. The company’s 50-day simple moving average is $20.48 and its 200-day simple moving average is $10.66. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director James Monroe III purchased 209,546 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The shares were purchased at an average cost of $22.52 per share, for a total transaction of $4,718,975.92. Following the completion of the purchase, the director now directly owns 790,097 shares in the company, valued at $17,792,984.44. This represents a 36.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy Evan Taylor sold 26,333 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the completion of the sale, the vice president now owns 399,244 shares of the company’s stock, valued at $8,799,337.76. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 259,546 shares of company stock valued at $5,784,726 and sold 34,257 shares valued at $755,528. 60.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globalstar

Large investors have recently added to or reduced their stakes in the business. PFG Investments LLC purchased a new position in shares of Globalstar during the fourth quarter valued at approximately $25,000. IRON Financial LLC acquired a new stake in Globalstar in the 4th quarter valued at $29,000. Mariner LLC raised its holdings in shares of Globalstar by 30.9% during the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after buying an additional 3,307 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Globalstar during the fourth quarter valued at approximately $33,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Globalstar during the 4th quarter worth $35,000. 18.89% of the stock is 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.