Globalstar (NYSEARCA:GSAT) Stock Price Up 8.6% – What’s Next?

Globalstar, Inc. (NYSEARCA:GSAT) shares shot up 8.6% on Monday . The company traded as high as $1.58 and last traded at $1.64. 5,409,898 shares were traded during mid-day trading, a decline of 61% from the average session volume of 13,881,450 shares. The stock had previously closed at $1.51.

Wall Street Analyst Weigh In

GSAT has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Craig Hallum upped their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Globalstar Stock Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The firm has a fifty day moving average of $2.37. The firm has a market cap of $46.09 billion, a PE ratio of -811.00 and a beta of 1.07.

Insiders Place Their Bets

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the completion of the sale, the director now owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This trade represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the transaction, the vice president now directly owns 6,383,649 shares in the company, valued at $14,171,700.78. The trade was a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 3,030,000 shares of company stock worth $5,987,000 and sold 3,680,851 shares worth $8,136,154. Corporate insiders own 60.76% of the company’s stock.

Institutional Trading of Globalstar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. JPMorgan Chase & Co. raised its holdings in shares of Globalstar by 87.6% in the fourth quarter. JPMorgan Chase & Co. now owns 4,253,186 shares of the company’s stock valued at $8,804,000 after purchasing an additional 1,986,440 shares during the last quarter. Vanguard Group Inc. increased its stake in Globalstar by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock valued at $155,945,000 after buying an additional 540,882 shares during the last quarter. LPL Financial LLC increased its stake in Globalstar by 22.4% in the 4th quarter. LPL Financial LLC now owns 417,303 shares of the company’s stock valued at $864,000 after buying an additional 76,494 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Globalstar during the 4th quarter worth approximately $345,000. Finally, AXQ Capital LP purchased a new position in shares of Globalstar in the 4th quarter worth approximately $77,000. 18.89% of the stock is owned by institutional investors.

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.