Globalstar (NYSEAMERICAN:GSAT) Shares Up 8.3% – Time to Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shot up 8.3% on Tuesday . The company traded as high as $2.22 and last traded at $2.09. 20,258,273 shares changed hands during trading, an increase of 188% from the average session volume of 7,045,432 shares. The stock had previously closed at $1.93.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum raised their price objective on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th.

Globalstar Stock Up 8.8 %

The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -72.83 and a beta of 0.88. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The firm’s fifty day simple moving average is $1.25 and its 200 day simple moving average is $1.24.

Insiders Place Their Bets

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This represents a 3.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several hedge funds and other institutional investors have recently bought and sold shares of GSAT. PFG Investments LLC increased its stake in Globalstar by 83.3% in the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after acquiring an additional 10,000 shares during the last quarter. Inspire Investing LLC increased its stake in shares of Globalstar by 4.7% in the 3rd quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock valued at $414,000 after purchasing an additional 14,862 shares during the last quarter. Linden Thomas Advisory Services LLC raised its holdings in shares of Globalstar by 1.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 1,165,930 shares of the company’s stock worth $1,306,000 after buying an additional 18,943 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Globalstar by 57.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after buying an additional 19,946 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Globalstar by 12.9% in the second quarter. Renaissance Technologies LLC now owns 176,629 shares of the company’s stock valued at $198,000 after acquiring an additional 20,200 shares during the last quarter. Institutional investors and hedge funds 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.