Globalstar (NYSEAMERICAN:GSAT) Sees Strong Trading Volume – Here’s What Happened

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) saw unusually-strong trading volume on Friday . Approximately 5,037,329 shares changed hands during trading, a decline of 30% from the previous session’s volume of 7,183,232 shares.The stock last traded at $2.22 and had previously closed at $2.06.

Wall Street Analyst Weigh In

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

Globalstar Stock Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a 50 day moving average of $1.25 and a 200 day moving average of $1.24. The stock has a market capitalization of $4.20 billion, a P/E ratio of -73.67 and a beta of 0.88.

Insider Buying and Selling

In related news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares in the company, valued at $12,539,951.78. The trade was a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Globalstar by 8.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock worth $1,026,000 after purchasing an additional 55,368 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globalstar by 33.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 198,776 shares of the company’s stock valued at $223,000 after buying an additional 49,951 shares during the period. Bank of New York Mellon Corp boosted its stake in 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 valued at $3,126,000 after buying an additional 307,357 shares in the last quarter. Panagora Asset Management Inc. acquired a new position in Globalstar during the second quarter worth about $35,000. Finally, Principal Financial Group Inc. grew its holdings in Globalstar by 10.7% during the second quarter. Principal Financial Group Inc. now owns 460,659 shares of the company’s stock worth $516,000 after acquiring an additional 44,514 shares during the period. 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.