Globalstar (NYSEAMERICAN:GSAT) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) saw strong trading volume on Thursday . 4,269,801 shares traded hands during trading, a decline of 36% from the previous session’s volume of 6,680,756 shares.The stock last traded at $1.74 and had previously closed at $1.75.

Wall Street Analyst Weigh In

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

Globalstar Trading Up 4.6 %

The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -58.50 and a beta of 0.88. The company’s fifty day moving average is $1.25 and its two-hundred day moving average is $1.24.

Insiders Place Their Bets

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the 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 sale, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 transaction of $481,900.00. Following the completion of the sale, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the transaction, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ashford Capital Management Inc. increased its position in shares of Globalstar by 1,551.7% during the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock worth $10,331,000 after purchasing an additional 6,602,454 shares in the last quarter. Anson Funds Management LP lifted its stake in shares of Globalstar by 38.8% in the 1st quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after acquiring an additional 3,028,923 shares during the period. Vanguard Group Inc. increased its stake in shares of Globalstar by 2.1% during the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after acquiring an additional 1,494,552 shares during the period. Wolf Hill Capital Management LP increased its position in Globalstar by 57.3% during the 1st quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock worth $5,153,000 after purchasing an additional 1,276,866 shares during the period. Finally, Murchinson Ltd. purchased a new position in shares of Globalstar during the 1st quarter worth approximately $1,470,000. Institutional investors and hedge funds 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.