Globalstar, Inc. (NYSEAMERICAN:GSAT) Short Interest Update

Globalstar, Inc. (NYSEAMERICAN:GSAT) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 28,720,000 shares, an increase of 15.6% from the October 31st total of 24,850,000 shares. Based on an average daily trading volume, of 14,320,000 shares, the days-to-cover ratio is currently 2.0 days. Approximately 3.8% of the company’s stock are sold short.

Globalstar Stock Performance

GSAT stock traded up $0.18 on Tuesday, hitting $2.11. The company’s stock had a trading volume of 25,729,768 shares, compared to its average volume of 7,073,468. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of -70.00 and a beta of 0.88. The firm has a 50 day moving average of $1.25 and a two-hundred day moving average of $1.24. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. Globalstar has a 1 year low of $1.00 and a 1 year high of $2.22.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This represents a 3.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently made changes to their positions in GSAT. PFG Investments LLC raised its position in Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after buying an additional 10,000 shares during the last quarter. CWA Asset Management Group LLC purchased a new position in Globalstar during the third quarter worth about $27,000. XTX Topco Ltd acquired a new stake in Globalstar in the second quarter valued at about $31,000. Panagora Asset Management Inc. acquired a new position in Globalstar during the 2nd quarter worth approximately $35,000. Finally, Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Globalstar in the 3rd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.