Globalstar (NYSEAMERICAN:GSAT) Shares Up 7% - Here's Why

Globalstar, Inc. (NYSEAMERICAN:GSAT - Get Free Report) shares rose 7% during mid-day trading on Friday . The stock traded as high as $2.00 and last traded at $1.98. Approximately 17,405,362 shares were traded during trading, an increase of 182% from the average daily volume of 6,180,365 shares. The stock had previously closed at $1.85.

Analyst Upgrades and Downgrades

Separately, Craig Hallum lifted their price objective on shares of Globalstar from $4.00 to $5.00 and gave the company a "buy" rating in a report on Monday, November 4th.

Globalstar Trading Up 7.0 %

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 cap of $3.76 billion, a PE ratio of -66.33 and a beta of 0.88. The business has a fifty day moving average price of $1.25 and a 200 day moving average price of $1.24.

Globalstar (NYSEAMERICAN:GSAT - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. The business had revenue of $60.39 million during the quarter, compared to analysts' expectations of $57.49 million. Analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Buying and Selling at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the company's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company's stock, valued at $12,539,951.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of Globalstar 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 sale, the chief financial officer now owns 1,418,745 shares of the company's stock, valued at approximately $1,773,431.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of the business's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

A number of institutional investors have recently added to or reduced their stakes in the stock. PFG Investments LLC boosted its position in shares of Globalstar by 83.3% in the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company's stock worth $25,000 after buying an additional 10,000 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Globalstar in the first quarter valued at approximately $26,000. CWA Asset Management Group LLC purchased a new position in shares of Globalstar during the 3rd quarter worth approximately $27,000. XTX Topco Ltd purchased a new position in shares of Globalstar during the 2nd quarter worth approximately $31,000. Finally, Second Line Capital LLC acquired a new position in shares of Globalstar during the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 18.89% of the company's stock.

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.