Globalstar (NYSE:GSAT) Shares Up 7.1% – What’s Next?

Globalstar, Inc. (NYSE:GSAT) rose 7.1% during trading on Friday . The company traded as high as $2.28 and last traded at $2.27. Approximately 5,811,150 shares changed hands during trading, a decline of 37% from the average daily volume of 9,206,428 shares. The stock had previously closed at $2.12.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Trading Up 4.2 %

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The company’s 50-day moving average price is $2.04. The firm has a market cap of $4.19 billion, a PE ratio of -73.67 and a beta of 1.07.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director James Monroe III bought 500,000 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was acquired at an average cost of $2.10 per share, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now owns 11,334,090 shares in the company, valued at $23,801,589. This trade represents a 4.62 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 37,688 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $2.13, for a total transaction of $80,275.44. Following the completion of the transaction, the chief financial officer now owns 1,396,027 shares in the company, valued at $2,973,537.51. This represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 3,030,000 shares of company stock worth $5,987,000 and have sold 3,666,312 shares worth $8,104,313. Company insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares in the last quarter. Barclays PLC increased its holdings in shares of Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after acquiring an additional 340,476 shares during the period. Geode Capital Management LLC lifted its stake in shares of Globalstar by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares during the last quarter. Sender Co & Partners Inc. bought a new stake in Globalstar during the third quarter valued at about $106,000. Finally, XTX Topco Ltd grew its stake in Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

About Globalstar

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.