Globalstar (NASDAQ:GSAT) Stock Rating Lowered by Wall Street Zen

Globalstar (NASDAQ:GSAT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

Globalstar Stock Up 6.5%

GSAT stock opened at $23.38 on Friday. The firm has a market capitalization of $2.96 billion, a PE ratio of -32.03 and a beta of 0.86. Globalstar has a one year low of $15.00 and a one year high of $41.10.

Insider Activity

In other news, Director James Monroe III bought 50,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $18.68 per share, with a total value of $934,000.00. Following the completion of the acquisition, the director now directly owns 58,833,076 shares in the company, valued at approximately $1,099,001,859.68. The trade was a 0.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

A hedge fund recently bought a new stake in Globalstar stock. Acadian Asset Management LLC bought a new stake in Globalstar, Inc. (NASDAQ:GSAT) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,777 shares of the company’s stock, valued at approximately $99,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.