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

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares traded up 7.4% during trading on Wednesday . The company traded as high as $1.96 and last traded at $1.96. 8,074,386 shares were traded 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.

Wall Street Analyst Weigh In

Separately, Craig Hallum increased their price target on 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 market capitalization of $3.61 billion, a P/E ratio of -63.33 and a beta of 0.88. 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 stock has a 50 day moving average price of $1.25 and a 200 day moving average price of $1.24.

Insider Activity at Globalstar

In related news, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the completion of the sale, the chief financial officer now directly owns 1,418,745 shares in the company, valued at $1,773,431.25. This represents a 5.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The trade was a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

A number of large investors have recently bought and sold shares of GSAT. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 1,494,552 shares during the period. Bank of New York Mellon Corp boosted its position 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 purchasing an additional 307,357 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Globalstar by 1,405.0% during the 3rd quarter. SG Americas Securities LLC now owns 276,825 shares of the company’s stock worth $343,000 after purchasing an additional 258,431 shares in the last quarter. Murchinson Ltd. boosted its position 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 purchasing an additional 245,999 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Globalstar during the 3rd quarter worth about $199,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.