Globalstar Sees Unusually Large Options Volume (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the recipient of unusually large options trading on Wednesday. Investors bought 26,105 call options on the company. This represents an increase of approximately 328% compared to the average volume of 6,105 call options.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research report on Monday.

Globalstar Price Performance

NYSE:GSAT traded down $0.15 on Wednesday, reaching $1.75. The company’s stock had a trading volume of 26,203,898 shares, compared to its average volume of 6,691,113. Globalstar has a 12-month low of $1.00 and a 12-month high of $2.13. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $3.31 billion, a P/E ratio of -58.33 and a beta of 0.88.

Institutional Investors Weigh In On Globalstar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. Dynamic Technology Lab Private Ltd purchased a new stake in Globalstar in the third quarter valued at $56,000. BNP Paribas Financial Markets raised its position in Globalstar by 26.4% in the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares during the period. FMR LLC raised its position in Globalstar by 32.7% in 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. Finally, Charles Schwab Investment Management Inc. raised its position in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.