Globalstar, Inc. (NYSEAMERICAN:GSAT – Get 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 %
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
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.
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