Globalstar, Inc. (NYSEAMERICAN:GSAT) Short Interest Up 6.7% in December

Globalstar, Inc. (NYSEAMERICAN:GSAT) was the recipient of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 30,120,000 shares, a growth of 6.7% from the November 30th total of 28,240,000 shares. Currently, 4.0% of the shares of the company are sold short. Based on an average daily volume of 18,900,000 shares, the days-to-cover ratio is currently 1.6 days.

Institutional Trading of Globalstar

Hedge funds have recently added to or reduced their stakes in the business. PFG Investments LLC lifted its position in Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after buying an additional 10,000 shares in the last quarter. Inspire Investing LLC increased its position in Globalstar by 4.7% during the third quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock worth $414,000 after acquiring an additional 14,862 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Globalstar by 57.6% in the third quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock valued at $68,000 after buying an additional 19,946 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Globalstar by 12.9% during the 2nd 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 period. Finally, CWA Asset Management Group LLC bought a new stake in shares of Globalstar during the 3rd quarter worth approximately $27,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Globalstar Trading Down 4.6 %

Shares of NYSEAMERICAN GSAT traded down $0.10 during midday trading on Wednesday, hitting $2.07. The stock had a trading volume of 13,472,494 shares, compared to its average volume of 8,197,040. Globalstar has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. The company’s 50-day simple moving average is $1.25 and its 200 day simple moving average is $1.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The firm has a market cap of $3.93 billion, a P/E ratio of -69.00 and a beta of 0.88.

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.