Globalstar, Inc. (NYSEAMERICAN:GSAT) Short Interest Up 15.6% in November

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

Analyst Ratings Changes

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

Insider Activity

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

Several large investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC bought a new stake in shares of Globalstar during the third quarter valued at approximately $199,000. Thrivent Financial for Lutherans raised its position 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 valued at $68,000 after buying an additional 19,946 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Globalstar during the third quarter valued at approximately $39,000. CWA Asset Management Group LLC bought a new stake in Globalstar in the third quarter worth $27,000. Finally, Van ECK Associates Corp increased its position in Globalstar by 34.2% in the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after purchasing an additional 115,359 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

NYSEAMERICAN:GSAT traded up $0.17 during trading hours on Tuesday, hitting $2.10. 25,593,600 shares of the stock traded hands, compared to its average volume of 7,073,468. The company has a quick ratio of 0.95, a current ratio of 1.04 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. The company has a market cap of $3.99 billion, a price-to-earnings ratio of -70.00 and a beta of 0.88. The stock has a 50 day moving average price of $1.25 and a 200 day moving average price of $1.24.

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.