Globalstar (NYSE:GSAT) Trading 8.2% Higher – Still a Buy?

Globalstar, Inc. (NYSE:GSAT) rose 8.2% on Wednesday . The company traded as high as $2.07 and last traded at $2.06. Approximately 9,859,016 shares changed hands during trading, an increase of 24% from the average daily volume of 7,932,971 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

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

Globalstar Stock Performance

The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -61.67 and a beta of 1.10. The business has a 50-day moving average of $1.94.

Insider Transactions at Globalstar

In related news, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction on Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the transaction, the chief financial officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction 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 owns 848,668 shares in the company, valued at approximately $1,637,929.24. The trade was a 9.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,666,312 shares of company stock worth $8,104,313 in the last 90 days. 61.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in Globalstar in the 3rd quarter valued at about $56,000. BNP Paribas Financial Markets lifted its position in Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after acquiring an additional 68,599 shares during the last quarter. Sender Co & Partners Inc. purchased a new stake in Globalstar during the third quarter valued at approximately $106,000. Point72 Asia Singapore Pte. Ltd. increased its stake in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Globalstar by 3.3% during 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. 18.89% of the stock is currently owned by institutional investors.

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.