Globalstar (NYSE:GSAT) Shares Up 7.1% - Here's What Happened

Shares of Globalstar, Inc. (NYSE:GSAT - Get Free Report) were up 7.1% during mid-day trading on Friday . The stock traded as high as $2.28 and last traded at $2.27. Approximately 5,811,150 shares traded hands during trading, a decline of 37% from the average daily volume of 9,206,428 shares. The stock had previously closed at $2.12.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Globalstar from a "sell" rating to a "hold" rating in a research report on Monday, November 11th.

Globalstar Trading Up 3.8 %

The company has a fifty day moving average of $2.05. The company has a market cap of $4.17 billion, a PE ratio of -73.33 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Insider Activity at Globalstar

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the sale, the director now directly owns 848,668 shares of the company's stock, valued at $1,637,929.24. This represents a 9.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the completion of the sale, the chief financial officer now directly owns 1,396,027 shares in the company, valued at approximately $2,973,537.51. The trade was a 2.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by corporate insiders.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company's stock valued at $7,671,000 after purchasing an additional 196,644 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Globalstar during the 3rd quarter valued at $56,000. FMR LLC raised its position in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company's stock worth $5,547,000 after purchasing an additional 1,102,776 shares during the period. BNP Paribas Financial Markets boosted its position in Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company's stock worth $407,000 after acquiring an additional 68,599 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company's stock worth $161,000 after acquiring an additional 117,864 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.