Globalstar (NYSEAMERICAN:GSAT) Shares Up 7.4% – What’s Next?

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price traded up 7.4% during trading on Wednesday . The company traded as high as $1.96 and last traded at $1.96. 8,074,386 shares were traded during mid-day trading, an increase of 16% from the average session volume of 6,952,237 shares. The stock had previously closed at $1.82.

Wall Street Analysts Forecast Growth

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

Globalstar Trading Up 4.4 %

The business has a 50-day simple moving average of $1.25 and a two-hundred day simple moving average of $1.24. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of -63.33 and a beta of 0.88. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

Insiders Place Their Bets

In other news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total value of $93,750.00. Following the completion of the transaction, the chief financial officer now directly owns 1,418,745 shares in the company, valued at $1,773,431.25. The trade was a 5.02 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently made changes to their positions in the stock. PFG Investments LLC boosted its stake in shares of Globalstar by 83.3% in the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after buying an additional 10,000 shares during the period. CWA Asset Management Group LLC bought a new stake in shares of Globalstar in the third quarter valued at approximately $27,000. XTX Topco Ltd bought a new stake in Globalstar during the second quarter worth $31,000. Panagora Asset Management Inc. bought a new stake in Globalstar during the second quarter worth $35,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in Globalstar during the third quarter worth $39,000. 18.89% of the stock is currently owned by institutional investors.

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.