Globalstar (NYSE:GSAT) Sees Unusually-High Trading Volume - What's Next?

Globalstar, Inc. (NYSE:GSAT - Get Free Report) saw strong trading volume on Thursday . 12,815,729 shares traded hands during trading, an increase of 116% from the previous session's volume of 5,925,770 shares.The stock last traded at $1.95 and had previously closed at $1.86.

Wall Street Analyst Weigh In

Separately, Craig Hallum lifted their price target on Globalstar from $4.00 to $5.00 and gave the stock a "buy" rating in a research report on Monday.

Globalstar Stock Performance

The company has a market cap of $3.54 billion, a PE ratio of -66.17 and a beta of 0.88. 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 business's 50 day moving average is $1.22 and its two-hundred day moving average is $1.23.

Globalstar (NYSE:GSAT - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.01). The firm had revenue of $60.39 million during the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. On average, equities research analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm's stock in a transaction dated 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 sale, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Rebecca Clary sold 75,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the sale, the chief financial officer now directly owns 1,418,745 shares in the company, valued at $1,773,431.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Timothy Evan Taylor sold 395,000 shares of the business's stock in a transaction dated 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 transaction, the vice president now owns 10,278,649 shares of the company's stock, valued at $12,539,951.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 61.00% of the company's stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans increased its holdings in 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 buying an additional 19,946 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Globalstar in the third quarter worth $39,000. CWA Asset Management Group LLC purchased a new position in shares of Globalstar during the third quarter worth $27,000. Van ECK Associates Corp boosted its stake in shares of Globalstar by 34.2% in the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company's stock worth $561,000 after buying an additional 115,359 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in Globalstar by 13.9% during the third quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company's stock worth $607,000 after acquiring an additional 59,954 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.