Globalstar (NYSEAMERICAN:GSAT) Sees Strong Trading Volume – Still a Buy?

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) saw an uptick in trading volume on Friday . 3,747,915 shares changed hands during trading, a decline of 46% from the previous session’s volume of 6,961,108 shares.The stock last traded at $1.97 and had previously closed at $1.90.

Analyst Upgrades and Downgrades

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

Globalstar Trading Up 2.6 %

The firm has a 50-day moving average of $1.25 and a 200-day moving average of $1.24. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The firm has a market capitalization of $3.71 billion, a P/E ratio of -65.00 and a beta of 0.88.

Insiders Place Their Bets

In other news, CFO Rebecca Clary sold 75,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 1,418,745 shares in the company, valued at $1,773,431.25. This trade represents a 5.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the vice president now owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The trade was a 3.70 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GSAT. Vanguard Group Inc. raised 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 valued at $107,654,000 after buying an additional 1,494,552 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Globalstar by 12.4% during the second 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 last quarter. SG Americas Securities LLC raised its stake in Globalstar by 1,405.0% during the third quarter. SG Americas Securities LLC now owns 276,825 shares of the company’s stock valued at $343,000 after buying an additional 258,431 shares during the last quarter. Murchinson Ltd. raised its stake in Globalstar by 24.6% during the second quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock valued at $1,396,000 after buying an additional 245,999 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in Globalstar during the third quarter valued at $199,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.