Investors Buy High Volume of Call Options on Globalstar (NYSEAMERICAN:GSAT)

Globalstar, Inc. (NYSEAMERICAN:GSATGet Rating) was the recipient of some unusual options trading on Wednesday. Traders bought 53,856 call options on the company. This represents an increase of 229% compared to the average daily volume of 16,370 call options.

Globalstar Price Performance

GSAT opened at $1.87 on Friday. The company has a 50-day moving average of $1.66. Globalstar has a 1 year low of $0.90 and a 1 year high of $2.98. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.50 and a quick ratio of 0.38. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of -37.40 and a beta of 0.41.

Globalstar (NYSEAMERICAN:GSATGet Rating) last posted its earnings results on Thursday, November 3rd. The Wireless communications provider reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.10). Globalstar had a negative net margin of 74.68% and a negative return on equity of 28.57%. The company had revenue of $37.63 million during the quarter, compared to analysts’ expectations of $31.78 million. As a group, sell-side analysts expect that Globalstar will post -0.05 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on GSAT shares. B. Riley increased their target price on Globalstar from $3.25 to $3.75 in a research note on Monday, November 7th. Craig Hallum started coverage on Globalstar in a research note on Monday, October 31st. They issued a “buy” rating and a $5.00 target price on the stock.

Insider Activity

In related news, Director Timothy Evan Taylor sold 1,600,000 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $1.99, for a total value of $3,184,000.00. Following the completion of the sale, the director now directly owns 15,900,000 shares in the company, valued at $31,641,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director James Monroe III purchased 100,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was bought at an average cost of $1.83 per share, for a total transaction of $183,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares in the company, valued at $183,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy Evan Taylor sold 1,600,000 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $1.99, for a total value of $3,184,000.00. Following the completion of the sale, the director now owns 15,900,000 shares of the company’s stock, valued at $31,641,000. The disclosure for this sale can be found here. In the last ninety days, insiders bought 247,500 shares of company stock worth $438,310. 62.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently added to or reduced their stakes in the business. Xponance Inc. lifted its holdings in shares of Globalstar by 27.0% during the second quarter. Xponance Inc. now owns 36,780 shares of the Wireless communications provider’s stock worth $45,000 after purchasing an additional 7,826 shares during the period. HighMark Wealth Management LLC lifted its holdings in shares of Globalstar by 4.8% during the second quarter. HighMark Wealth Management LLC now owns 176,000 shares of the Wireless communications provider’s stock worth $216,000 after purchasing an additional 8,000 shares during the period. Lake Street Financial LLC lifted its holdings in shares of Globalstar by 12.1% during the second quarter. Lake Street Financial LLC now owns 83,958 shares of the Wireless communications provider’s stock worth $103,000 after purchasing an additional 9,081 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Globalstar by 27.9% during the second quarter. Mackenzie Financial Corp now owns 42,524 shares of the Wireless communications provider’s stock worth $52,000 after purchasing an additional 9,287 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Globalstar by 29.9% during the third quarter. Commonwealth Equity Services LLC now owns 55,078 shares of the Wireless communications provider’s stock worth $87,000 after purchasing an additional 12,690 shares during the period. Institutional investors and hedge funds own 18.13% of the company’s stock.

About Globalstar

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Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.

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