Globalstar (NYSEARCA:GSAT) Sees Unusually-High Trading Volume – Here’s Why

Globalstar, Inc. (NYSEARCA:GSAT) shares saw strong trading volume on Tuesday . 32,532,041 shares traded hands during trading, an increase of 118% from the previous session’s volume of 14,898,717 shares.The stock last traded at $24.00 and had previously closed at $1.51.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Craig Hallum upped their price objective on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Price Performance

The business’s 50 day moving average price is $1.92. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The stock has a market cap of $50.08 billion, a PE ratio of -879.47 and a beta of 1.07.

Insider Buying and Selling

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now directly owns 848,668 shares in the company, valued at $1,637,929.24. The trade was a 9.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $2.19, for a total transaction of $31,840.41. Following the sale, the chief executive officer now directly owns 84,815 shares in the company, valued at $185,744.85. This represents a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. Company insiders own 60.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Xponance Inc. boosted its position in Globalstar by 17.8% in the 4th quarter. Xponance Inc. now owns 56,330 shares of the company’s stock valued at $117,000 after buying an additional 8,494 shares during the last quarter. Intech Investment Management LLC lifted its position in Globalstar by 134.9% during the 4th quarter. Intech Investment Management LLC now owns 376,339 shares of the company’s stock valued at $779,000 after purchasing an additional 216,093 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Globalstar by 263.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 198,443 shares of the company’s stock valued at $411,000 after purchasing an additional 143,882 shares during the last quarter. Cibc World Markets Corp acquired a new stake in shares of Globalstar during the 4th quarter worth approximately $141,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Globalstar during the fourth quarter worth approximately $35,000. 18.89% of the stock is owned by 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.