Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs Sells 7,087 Shares

Globalstar, Inc. (NYSEARCA:GSAT) CEO Paul E. Jacobs sold 7,087 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $22.15, for a total value of $156,977.05. Following the sale, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at approximately $274,084.10. This trade represents a 36.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Globalstar Stock Down 0.1 %

GSAT opened at $22.16 on Thursday. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. The stock’s fifty day moving average price is $10.69. The stock has a market capitalization of $41.98 billion, a price-to-earnings ratio of -738.67 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PFG Investments LLC purchased a new position in Globalstar in the fourth quarter valued at $25,000. IRON Financial LLC purchased a new position in Globalstar in the fourth quarter valued at $29,000. Mariner LLC boosted its holdings in Globalstar by 30.9% in the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after purchasing an additional 3,307 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Globalstar in the fourth quarter valued at $33,000. Finally, Sequoia Financial Advisors LLC purchased a new position in Globalstar in the fourth quarter valued at $35,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.