Globalstar (NYSEAMERICAN:GSAT) Sees Large Volume Increase – Should You Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares saw unusually-strong trading volume on Friday . Approximately 5,037,329 shares were traded during trading, a decline of 30% from the previous session’s volume of 7,183,232 shares.The stock last traded at $2.22 and had previously closed at $2.06.

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 stock a “buy” rating in a research report on Monday, November 4th.

Globalstar Stock Performance

The stock’s 50 day simple moving average is $1.25 and its two-hundred day simple moving average is $1.24. The company has a market cap of $4.20 billion, a PE ratio of -73.67 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94.

Insider Activity at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the business’s 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 directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently bought and sold shares of GSAT. PFG Investments LLC lifted its position in shares of Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after purchasing an additional 10,000 shares during the last quarter. Inspire Investing LLC lifted its holdings in Globalstar by 4.7% during the 3rd quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock worth $414,000 after buying an additional 14,862 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Globalstar by 57.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after acquiring an additional 19,946 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Globalstar by 12.9% in the 2nd quarter. Renaissance Technologies LLC now owns 176,629 shares of the company’s stock worth $198,000 after acquiring an additional 20,200 shares in the last quarter. Finally, CWA Asset Management Group LLC bought a new stake in shares of Globalstar in the 3rd quarter valued at approximately $27,000. 18.89% of the stock is currently owned by hedge funds and other 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.