Globalstar (NYSEARCA:GSAT) Trading Up 7.1% – Should You Buy?

Globalstar, Inc. (NYSEARCA:GSAT) shot up 7.1% on Friday . The company traded as high as $1.54 and last traded at $1.59. 2,856,777 shares traded hands during trading, a decline of 80% from the average session volume of 14,091,515 shares. The stock had previously closed at $1.48.

Analysts Set New Price Targets

GSAT has been the subject of a number of recent analyst reports. Craig Hallum raised their price target on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Price Performance

The firm’s fifty day simple moving average is $1.97. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of -51.17 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

In other Globalstar news, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the completion of the sale, the vice president now owns 6,383,649 shares of the company’s stock, valued at $14,171,700.78. This trade represents a 35.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 transaction, the director now owns 848,668 shares in the company, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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. 60.76% of the stock is owned by company insiders.

Institutional Trading of Globalstar

A number of hedge funds have recently modified their holdings of the company. FMR LLC grew its holdings in Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares during the period. XTX Topco Ltd grew its stake in Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Globalstar by 190.2% during the fourth quarter. Van ECK Associates Corp now owns 1,312,400 shares of the company’s stock worth $2,717,000 after buying an additional 860,133 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after acquiring an additional 603,285 shares in the last quarter. Finally, State Street Corp lifted its stake in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after purchasing an additional 580,305 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

About Globalstar

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.