Globalstar (NYSEAMERICAN:GSAT) Shares Down 5% - Here's Why

Globalstar, Inc. (NYSEAMERICAN:GSAT - Get Free Report)'s share price dropped 5% during mid-day trading on Friday . The company traded as low as $1.88 and last traded at $1.90. Approximately 5,545,629 shares were traded during trading, a decline of 29% from the average daily volume of 7,809,490 shares. The stock had previously closed at $2.00.

Analyst Upgrades and Downgrades

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

Globalstar Stock Down 2.5 %

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. PFG Investments LLC grew its stake in shares of Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company's stock worth $25,000 after acquiring an additional 10,000 shares during the period. CWA Asset Management Group LLC bought a new position in Globalstar during the third quarter worth about $27,000. XTX Topco Ltd purchased a new position in shares of Globalstar in the second quarter worth about $31,000. Panagora Asset Management Inc. bought a new stake in shares of Globalstar in the second quarter valued at approximately $35,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Globalstar during the 3rd quarter valued at approximately $39,000. 18.89% of the stock is owned by institutional investors.

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.