Globalstar, Inc. (NYSEAMERICAN:GSAT) Short Interest Update

Globalstar, Inc. (NYSEAMERICAN:GSAT) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 28,720,000 shares, an increase of 15.6% from the October 31st total of 24,850,000 shares. Currently, 3.8% of the company’s stock are short sold. Based on an average trading volume of 14,320,000 shares, the days-to-cover ratio is presently 2.0 days.

Analyst Ratings Changes

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

Insider Activity at Globalstar

In related news, CFO Rebecca Clary sold 75,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the transaction, the chief financial officer now directly owns 1,418,745 shares in the company, valued at approximately $1,773,431.25. The trade was a 5.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy Evan Taylor sold 395,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. The trade was a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc lifted its position in Globalstar by 154.9% in the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after buying an additional 32,535 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Globalstar by 12.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after purchasing an additional 307,357 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Globalstar by 8.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares during the last quarter. Inspire Investing LLC lifted its stake in Globalstar by 28.2% in the second quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock worth $357,000 after purchasing an additional 70,179 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted 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 valued at $307,000 after buying an additional 48,566 shares during the period. 18.89% of the stock is currently owned by institutional investors.

Globalstar Price Performance

Shares of GSAT traded up $0.05 during mid-day trading on Friday, reaching $1.95. 7,904,812 shares of the stock traded hands, compared to its average volume of 6,982,169. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -65.00 and a beta of 0.88. Globalstar has a 1 year low of $1.00 and a 1 year high of $2.13. The firm has a fifty day moving average price of $1.25 and a 200 day moving average price of $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.

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.