Globalstar (NYSEAMERICAN:GSAT) Trading 7.4% Higher – What’s Next?

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price traded up 7.4% on Wednesday . The stock traded as high as $1.96 and last traded at $1.96. 8,074,386 shares changed hands during trading, an increase of 16% from the average session volume of 6,952,237 shares. The stock had previously closed at $1.82.

Analyst Upgrades and Downgrades

Separately, Craig Hallum increased their price target on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Globalstar Price Performance

The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The company’s 50 day moving average price is $1.25 and its 200 day moving average price is $1.24. The firm has a market capitalization of $3.61 billion, a P/E ratio of -60.67 and a beta of 0.88.

Insider Activity

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This trade represents a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the transaction, the chief financial officer now directly owns 1,418,745 shares in the company, valued at approximately $1,773,431.25. The trade was a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC acquired a new stake in shares of Globalstar during the third quarter worth $199,000. Thrivent Financial for Lutherans raised its holdings in shares of Globalstar by 57.6% during the third quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after acquiring an additional 19,946 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Globalstar during the third quarter worth $39,000. CWA Asset Management Group LLC acquired a new stake in shares of Globalstar during the third quarter worth $27,000. Finally, Van ECK Associates Corp raised its holdings in shares of Globalstar by 34.2% during the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after acquiring an additional 115,359 shares during the period. 18.89% of the stock is currently 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.