Globalstar (NYSEARCA:GSAT) Trading Up 8.6% – Should You Buy?

Globalstar, Inc. (NYSEARCA:GSAT)’s share price shot up 8.6% during mid-day trading on Monday . The stock traded as high as $1.58 and last traded at $1.64. 5,409,898 shares changed hands during trading, a decline of 61% from the average session volume of 13,881,450 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

GSAT has been the topic of a number of recent analyst reports. Craig Hallum lifted their target price on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note 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 Stock Up 4.0 %

The stock’s 50 day moving average is $2.37. The stock has a market cap of $46.09 billion, a price-to-earnings ratio of -811.00 and a beta of 1.07. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director James Monroe III acquired 530,000 shares of Globalstar stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the purchase, the director now owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This represents a 8.41 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total transaction of $173,700.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 3,030,000 shares of company stock worth $5,987,000 and have sold 3,680,851 shares worth $8,136,154. Corporate insiders own 60.76% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC increased its holdings in Globalstar by 1,405.0% during the 3rd quarter. SG Americas Securities LLC now owns 276,825 shares of the company’s stock worth $343,000 after acquiring an additional 258,431 shares during the period. Inspire Investing LLC raised its position in shares of Globalstar by 4.7% in the third quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock worth $414,000 after buying an additional 14,862 shares in the last quarter. Procyon Advisors LLC bought a new stake in Globalstar during the third quarter valued at $47,000. Wealth Enhancement Advisory Services LLC grew its position in Globalstar by 24.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock worth $307,000 after buying an additional 48,566 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Globalstar by 13.9% in the 3rd 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 last quarter. 18.89% of the stock is currently owned by hedge funds and other 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.