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

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

Globalstar Trading Down 4.6 %

Shares of GSAT stock opened at $2.07 on Thursday. The business has a 50-day moving average price of $1.25 and a two-hundred day moving average price of $1.24. Globalstar has a 12-month low of $1.00 and a 12-month high of $2.74. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The firm has a market cap of $3.93 billion, a P/E ratio of -69.00 and a beta of 0.88.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Globalstar by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after purchasing an additional 307,357 shares in the last quarter. SG Americas Securities LLC raised its position in Globalstar by 1,405.0% in the 3rd quarter. SG Americas Securities LLC now owns 276,825 shares of the company’s stock worth $343,000 after buying an additional 258,431 shares during the last quarter. Murchinson Ltd. lifted its stake in Globalstar by 24.6% during the 2nd quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock valued at $1,396,000 after acquiring an additional 245,999 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Globalstar during the 3rd quarter valued at about $199,000. Finally, Van ECK Associates Corp grew its stake in shares of Globalstar by 34.2% in the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after acquiring an additional 115,359 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.