Globalstar (NYSEAMERICAN:GSAT) Hits New 12-Month High – Time to Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares reached a new 52-week high on Monday . The company traded as high as $2.13 and last traded at $2.11, with a volume of 22273524 shares. The stock had previously closed at $1.98.

Wall Street Analysts Forecast Growth

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

Globalstar Trading Down 7.6 %

The business has a fifty day moving average price of $1.25 and a 200-day moving average price of $1.24. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The company has a market cap of $3.33 billion, a P/E ratio of -62.67 and a beta of 0.88.

Insider Activity

In other news, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now directly owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the transaction, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ashford Capital Management Inc. boosted its stake in Globalstar by 1,551.7% during the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock worth $10,331,000 after acquiring an additional 6,602,454 shares in the last quarter. Anson Funds Management LP boosted its holdings in Globalstar by 38.8% during the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after purchasing an additional 3,028,923 shares during the last quarter. Vanguard Group Inc. grew its position in Globalstar by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after purchasing an additional 1,494,552 shares in the last quarter. Wolf Hill Capital Management LP increased its stake in Globalstar by 57.3% in the 1st quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock valued at $5,153,000 after buying an additional 1,276,866 shares during the last quarter. Finally, Murchinson Ltd. bought a new position in shares of Globalstar during the 1st quarter worth approximately $1,470,000. 18.89% of the stock is owned by institutional investors and hedge funds.

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.