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

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

Analyst Ratings Changes

Separately, Craig Hallum lifted 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 Stock Up 4.4 %

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

Insider Buying and Selling at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This trade represents a 3.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction dated 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 of the company’s stock, valued at approximately $1,773,431.25. This trade represents a 5.02 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Globalstar by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after buying an additional 1,494,552 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after buying an additional 307,357 shares during the period. Magnus Financial Group LLC boosted its holdings in shares of Globalstar by 1.9% during the 2nd quarter. Magnus Financial Group LLC now owns 2,707,796 shares of the company’s stock worth $3,033,000 after buying an additional 50,000 shares during the period. Murchinson Ltd. boosted its holdings in shares of Globalstar by 24.6% during the 2nd quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock worth $1,396,000 after buying an additional 245,999 shares during the period. Finally, Linden Thomas Advisory Services LLC boosted its holdings in shares of Globalstar by 1.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 1,165,930 shares of the company’s stock worth $1,306,000 after buying an additional 18,943 shares during the period. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

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.