Globalstar, Inc. (NYSEAMERICAN:GSAT) Short Interest Up 15.6% in November

Globalstar, Inc. (NYSEAMERICAN:GSAT) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 28,720,000 shares, an increase of 15.6% from the October 31st total of 24,850,000 shares. Currently, 3.8% of the shares of the company are sold short. Based on an average daily volume of 14,320,000 shares, the days-to-cover ratio is presently 2.0 days.

Globalstar Price Performance

NYSEAMERICAN GSAT traded up $0.05 during trading on Friday, hitting $1.95. 7,904,812 shares of the stock traded hands, compared to its average volume of 6,982,169. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. Globalstar has a 12-month low of $1.00 and a 12-month high of $2.13. The firm has a 50-day simple moving average of $1.25 and a 200-day simple moving average of $1.24. The company has a market capitalization of $3.71 billion, a P/E ratio of -65.00 and a beta of 0.88.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction 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 approximately $12,539,951.78. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the completion of the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, 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. 61.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Globalstar by 2.1% during the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after acquiring an additional 1,494,552 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Globalstar by 12.4% during the 2nd 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 during the period. Magnus Financial Group LLC lifted its position in Globalstar by 1.9% in the second quarter. Magnus Financial Group LLC now owns 2,707,796 shares of the company’s stock worth $3,033,000 after buying an additional 50,000 shares during the last quarter. Murchinson Ltd. lifted its position in Globalstar by 24.6% in the second quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock worth $1,396,000 after buying an additional 245,999 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC increased its position in Globalstar by 1.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 1,165,930 shares of the company’s stock valued at $1,306,000 after acquiring an additional 18,943 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.