Globalstar (NYSEAMERICAN:GSAT) Trading 15.2% Higher – What’s Next?

Globalstar, Inc. (NYSEAMERICAN:GSAT) was up 15.2% during mid-day trading on Tuesday . The stock traded as high as $2.56 and last traded at $2.43. Approximately 30,098,785 shares were traded during trading, an increase of 307% from the average daily volume of 7,387,387 shares. The stock had previously closed at $2.11.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum lifted 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 Trading Up 8.5 %

The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -79.00 and a beta of 0.88. The business has a 50 day moving average of $1.25 and a 200 day moving average of $1.24. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94.

Insiders Place Their Bets

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Institutional investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc grew its holdings in Globalstar by 154.9% during the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after purchasing an additional 32,535 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in 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 acquiring an additional 307,357 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Globalstar by 8.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock worth $1,026,000 after purchasing an additional 55,368 shares during the last quarter. Inspire Investing LLC raised its stake in shares of Globalstar by 28.2% in the 2nd quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock valued at $357,000 after purchasing an additional 70,179 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Globalstar by 57.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock valued at $68,000 after acquiring an additional 19,946 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.