Globalstar (NYSE:GSAT) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Globalstar, Inc. (NYSE:GSAT) saw unusually-strong trading volume on Thursday . Approximately 12,815,729 shares changed hands during mid-day trading, an increase of 116% from the previous session’s volume of 5,925,770 shares.The stock last traded at $1.95 and had previously closed at $1.86.

Analyst Upgrades and Downgrades

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

Globalstar Trading Up 0.3 %

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 stock has a market cap of $3.54 billion, a P/E ratio of -66.17 and a beta of 0.88. The company has a 50-day simple moving average of $1.22 and a 200-day simple moving average of $1.23.

Globalstar (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. The firm had revenue of $60.39 million for the quarter, compared to analysts’ expectations of $57.49 million. On average, sell-side analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction on Wednesday, September 11th. The stock was 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 of the company’s stock, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction 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 $12,539,951.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 1,418,745 shares in the company, valued at approximately $1,773,431.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its position in Globalstar by 15.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 811,758 shares of the company’s stock worth $1,193,000 after purchasing an additional 106,663 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Globalstar by 13.1% during the first quarter. BNP Paribas Financial Markets now owns 586,606 shares of the company’s stock worth $862,000 after acquiring an additional 67,800 shares during the period. Empowered Funds LLC purchased a new position in Globalstar in the first quarter worth $26,000. SG Americas Securities LLC increased its position in shares of Globalstar by 126.2% during the 1st quarter. SG Americas Securities LLC now owns 46,890 shares of the company’s stock valued at $69,000 after purchasing an additional 26,164 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Globalstar by 3.6% during the 1st quarter. Swiss National Bank now owns 1,500,554 shares of the company’s stock worth $2,206,000 after purchasing an additional 51,700 shares during the period. 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.