Globalstar (NYSE:GSAT) Stock Price Up 7.1% – Here’s Why

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

Analyst Upgrades and Downgrades

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

Globalstar Stock Up 4.2 %

The company has a fifty day moving average of $2.04. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $4.19 billion, a P/E ratio of -73.67 and a beta of 1.07.

Insider Activity

In other news, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the completion of the transaction, the director now owns 848,668 shares of the company’s stock, valued at $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $2.13, for a total value of $80,275.44. Following the sale, the chief financial officer now directly owns 1,396,027 shares in the company, valued at $2,973,537.51. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. Insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after acquiring an additional 196,644 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Globalstar during the 3rd quarter valued at about $56,000. FMR LLC grew its position in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Globalstar by 26.4% in the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after buying an additional 117,864 shares in 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.