Insider Selling: Taylor Timothy Evan, Globalstar Inc. [GSAT] Director divested 395,000 shares


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Globalstar Inc. shares valued at $653,646 were sold by Taylor Timothy Evan on Dec 09. At $1.65 per share, Taylor Timothy Evan sold 395,000 shares. The insider’s holdings dropped to 13,043,649 shares worth approximately $15.39 million following the completion of this transaction.

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Also, Taylor Timothy Evan sold 395,000 shares, netting a total of over 621,612 in proceeds. Following the sale of shares at $1.57 each, the insider now holds 13,438,649 shares.

Before that, Clary Rebecca had sold 350,000 shares from its account. In a trade valued at $654,500, the VP & Chief Financial Officer traded Globalstar Inc. shares for $1.87 each. Upon closing the transaction, the insider’s holdings decreased to 350,000 shares, worth approximately $2.13 million.

As published in their initiating research note from Craig Hallum on October 31, 2022, Globalstar Inc. [GSAT] has been a Buy and the price target has been revised to $5. This represents a 76.4% premium over Wednesday’s closing price. Analysts at B. Riley Securities started covering the stock with ‘”a Buy”‘ outlook in a report released in late June. As of January 22, 2021, Morgan Stanley has decreased its “an Equal-weight” rating to a “an Underweight” for GSAT. Earlier on August 09, 2018, Chardan Capital Markets downgraded its rating. Their new recommendation was “a Neutral” for GSAT stock which previously was a “a Buy”.

Analyzing GSAT Stock Performance

On Wednesday, Globalstar Inc. [AMEX: GSAT] plunged -7.81% to $1.18. The stock’s lowest price that day was $1.14, but it reached a high of $1.32 in the same session. During the last five days, there has been a surge of approximately 0.85%. Over the course of the year, Globalstar Inc. shares have dropped approximately -11.28%. Shares of the company reached a 52-week high of $1.5100 on 01/17/23 and a 52-week low of $1.1300 on 02/24/23. A 50-day SMA is recorded $1.2964, while a 200-day SMA reached $1.5301. Nevertheless, trading volume fell to 6.56 million shares from 2.09 million shares the previous day.

Support And Resistance Levels for Globalstar Inc. (GSAT)

According to the 24-hour chart, there is a support level at 1.1067, which, if violated, would cause prices to drop to 1.0333. In the upper region, resistance lies at 1.2867. The next price resistance is at 1.3933. RSI (Relative Strength Index) is 43.54 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.0024, which suggests the price will decrease in the coming days. Percent R is at 75.00%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Globalstar Inc. subject to short interest?

Stocks of Globalstar Inc. saw a sharp steep in short interest on Jan 12, 2023 dropping by -1.5 million shares to 27.4 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 28.9 million shares. A decline of -5.47% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.74 of the overall float, the days-to-cover ratio (short ratio) decline to 6.74.

Which companies own the most shares of Globalstar Inc. (GSAT)?

According to Mudrick Capital Management LP filings, the company currently owns 86,838,949 shares, which is about 4.82% of the total GSAT shares outstanding. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $93,892,676. BlackRock Fund Advisors acquire a 3.58% interest valued at $56.89 million while Beck, Mack & Oliver LLC sold a -28,000 stake. A total of 860,777 shares of Globalstar Inc. were sold by SSgA Funds Management, Inc. during the quarter, and 395,088 were bought by Geode Capital Management LLC. In its current portfolio, PlusTick Management LLC holds 10,300,000 shares valued at $14.52 million.


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