Globalstar (NYSEAMERICAN:GSAT) Sees Unusually-High Trading Volume – What’s Next?

Globalstar, Inc. (NYSEAMERICAN:GSATGet Free Report) shares saw an uptick in trading volume on Friday . 3,747,915 shares traded 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.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum raised their price objective on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Check Out Our Latest Analysis on GSAT

Globalstar Stock Up 1.8 %

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 company has a market cap of $3.68 billion, a price-to-earnings ratio of -63.33 and a beta of 0.88. The business has a fifty day moving average price of $1.25 and a two-hundred day moving average price of $1.24.

Insider Transactions at Globalstar

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 in the company, valued at $12,539,951.78. This represents a 3.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the sale, the chief financial officer now owns 1,418,745 shares in the company, valued at $1,773,431.25. This represents a 5.02 % decrease in their position. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its holdings in Globalstar by 154.9% during the second quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after buying an additional 32,535 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Globalstar by 12.4% in 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 raised its position in shares of Globalstar by 8.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after buying an additional 55,368 shares in the last quarter. Inspire Investing LLC increased its stake in Globalstar by 28.2% in the second quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock valued at $357,000 after acquiring an additional 70,179 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 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 purchasing an additional 48,566 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

(Get Free Report)

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.

Further Reading

Receive News & Ratings for Globalstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globalstar and related companies with MarketBeat.com's FREE daily email newsletter.