Globalstar (NYSEAMERICAN:GSAT) Sees Large Volume Increase – What’s Next?

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) saw unusually-strong trading volume on Friday . Approximately 3,747,915 shares changed hands during trading, a decline of 46% from the previous session’s volume of 6,961,108 shares.The stock last traded at $1.97 and had previously closed at $1.90.

Analyst Ratings Changes

Separately, Craig Hallum upped 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 Stock Performance

The company has a market cap of $3.68 billion, a PE ratio of -63.33 and a beta of 0.88. The business’s 50 day moving average is $1.25 and its two-hundred day moving average is $1.24. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was 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 approximately $12,539,951.78. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of the firm’s 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 owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. This represents a 5.02 % 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

Several large investors have recently modified their holdings of GSAT. CIBC Asset Management Inc lifted its stake in shares of Globalstar by 154.9% during the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after acquiring an additional 32,535 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Globalstar by 12.4% during the second 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 during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Globalstar by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares during the period. Inspire Investing LLC grew its holdings in shares of Globalstar by 28.2% in the second quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock worth $357,000 after purchasing an additional 70,179 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Globalstar by 24.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock worth $307,000 after buying an additional 48,566 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.