Globalstar, Inc. (NYSEAMERICAN:GSAT) Sees Significant Growth in Short Interest

Globalstar, Inc. (NYSEAMERICAN:GSAT) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 30,120,000 shares, a growth of 6.7% from the November 30th total of 28,240,000 shares. Based on an average daily volume of 18,900,000 shares, the short-interest ratio is presently 1.6 days. Approximately 4.0% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

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

Globalstar Trading Down 4.6 %

NYSEAMERICAN:GSAT opened at $2.07 on Thursday. The stock has a market capitalization of $3.93 billion, a PE ratio of -69.00 and a beta of 0.88. Globalstar has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The business’s 50-day simple moving average is $1.25 and its 200-day simple moving average is $1.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

Institutional Trading of Globalstar

Hedge funds have recently modified their holdings of the stock. PFG Investments LLC raised its stake in Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after acquiring an additional 10,000 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Globalstar in the 3rd quarter worth approximately $27,000. XTX Topco Ltd bought a new stake in Globalstar during the second quarter valued at $31,000. Panagora Asset Management Inc. acquired a new stake in Globalstar during the second quarter worth approximately $35,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in Globalstar in the third quarter valued at $39,000. 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.