Globalstar (NYSE:GSAT) Trading Up 7.1% – Here’s Why

Globalstar, Inc. (NYSE:GSAT)’s stock price rose 7.1% during trading on Friday . The stock traded as high as $2.28 and last traded at $2.27. Approximately 5,811,150 shares changed hands during trading, a decline of 37% from the average daily volume of 9,206,428 shares. The stock had previously closed at $2.12.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Stock Performance

The stock has a market capitalization of $4.19 billion, a P/E ratio of -73.67 and a beta of 1.07. The firm’s fifty day moving average price is $2.04. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 37,688 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $2.13, for a total value of $80,275.44. Following the transaction, the chief financial officer now directly owns 1,396,027 shares of the company’s stock, valued at $2,973,537.51. This represents a 2.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the transaction, the vice president now owns 6,383,649 shares in the company, valued at $14,171,700.78. The trade was a 35.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. Company insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd bought a new position in shares of Globalstar in the third quarter worth $56,000. Sender Co & Partners Inc. acquired a new stake in Globalstar during the third quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after buying an additional 117,864 shares during the period. BNP Paribas Financial Markets raised its position in shares of Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after buying an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after acquiring an additional 949,025 shares during the period. 18.89% of the stock is owned by institutional investors.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.