Globalstar (NYSE:GSAT) Shares Up 7.1% – Still a Buy?

Globalstar, Inc. (NYSE:GSAT)’s share price rose 7.1% during mid-day trading on Friday . The company traded as high as $2.28 and last traded at $2.27. Approximately 5,811,150 shares changed 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 Analysts Forecast Growth

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

Globalstar Trading Up 4.2 %

The stock has a fifty day simple moving average of $2.04. The firm has a market capitalization of $4.19 billion, a PE ratio of -73.67 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insider Buying and Selling

In related news, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction that occurred 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 of the company’s stock, valued at $2,973,537.51. This trade represents a 2.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Monroe III acquired 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were purchased at an average price of $2.10 per share, with a total value of $1,050,000.00. Following the acquisition, the director now owns 11,334,090 shares of the company’s stock, valued at approximately $23,801,589. This trade represents a 4.62 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. State Street Corp raised its holdings in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after buying an additional 580,305 shares during the period. Geode Capital Management LLC raised its holdings in shares of Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after acquiring an additional 382,288 shares during the period. Charles Schwab Investment Management Inc. lifted its position in 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 acquiring an additional 196,644 shares in the last quarter. FMR LLC lifted its position in Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after acquiring an additional 1,102,776 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after purchasing an additional 603,285 shares during the period. 18.89% of the stock is 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.