Shares of Globalstar (GSAT) Drops by -3.2%

Globalstar (GSAT) has risen sharply, recording gains of 0.83% in the past 4 weeks. However, the stock has corrected -3.2% in the past 1 week, providing a good buying opportunity on dips. Globalstar (GSAT) : During the past 4 weeks, traders have been relatively bearish on Globalstar (GSAT), hence the stock is down -3.39% when compared to the S&P 500 during the same period. However, in the past 1 week, the selling of the stock is down by -4.63% relative to the S&P 500. The stock has recorded a 20-day Moving Average of 1.13% and the 50-Day Moving Average is 25.75%.

Globalstar (NYSEMKT:GSAT): The stock opened at $1.25 on Friday but the bulls could not build on the opening and the stock topped out at $1.25 for the day. The stock traded down to $1.18 during the day, due to lack of any buying support eventually closed down at $1.21 with a loss of -0.82% for the day. The stock had closed at $1.22 on the previous day. The total traded volume was 3,455,946 shares.


The company Insiders own 64.75% of Globalstar shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by 123.33% . Institutional Investors own 32.05% of Globalstar shares. During last six month period, the net percent change held by insiders has seen a change of 123.33%. In a related news, Kagan David B., COO of Globalstar, Inc., executed a transaction worth $101,750 on May 17, 2016. A total of 37,000 shares were purchased at an average price of $2.75. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The information is based on open market trades at the market prices.Option exercises are not covered.

Globalstar, Inc. provides mobile satellite services, including voice and data communications services globally via satellite. The Company provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. It provides various communications services via satellite, which include two-way voice communication and data transmissions (Duplex) using mobile or fixed devices and one-way data transmissions (Simplex) using a mobile or fixed device that transmits its location and other information to a central monitoring station, which includes certain SPOT and Simplex products. It offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways). It also offers hardware and software designs to develop specific applications operating over its network.

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