Potential Price Increase for Globalstar Inc. (GSAT) After Recent Insider Activity


Globalstar Inc.’s recent filing unveils that its Director Monroe James III acquired Company’s shares for reported $4.76 million on Aug 29. In the deal valued at $1.13 per share,4,197,399 shares were bought. As a result of this transaction, Monroe James III now holds 4,197,399 shares worth roughly $ 6.21 million.

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Then, JACOBS PAUL E sold 36,387,975 shares, generating $41,285,796 in total proceeds. Upon selling the shares at $1.13, the Chief Executive Officer now owns 1 shares.

Before that, Taylor Timothy Evan sold 395,000 shares. Globalstar Inc. shares valued at $455,198 were divested by the VP, Finance & Operations at a price of $1.15 per share. As a result of the transaction, Taylor Timothy Evan now holds 11,463,649 shares, worth roughly $16.97 million.

Imperial Capital initiated its Globalstar Inc. [GSAT] rating to an Outperform in a research note published on Friday, August 04, 2023; the price target was $7.79. PT values the company’s stock at a premium of 81.0 to its Friday closing price.

Price Performance Review of GSAT

On Friday, Globalstar Inc. [AMEX:GSAT] saw its stock jump 2.78% to $1.48. On the same session, the stock had its day’s lowest price of $1.43, but rose to a high of $1.51. Over the last five days, the stock has gained 40.95%. Globalstar Inc. shares have risen nearly 11.28% since the year began. Nevertheless, the stocks have fallen -26.00% over the past one year. While a 52-week high of $2.98 was reached on 08/30/23, a 52-week low of $0.85 was recorded on 05/02/23. SMA at 50 days reached $1.1144, while 200 days put it at $1.2199. A total of 13.75 million shares were traded, compared to the trading of 14.98 million shares in the previous session.

Levels Of Support And Resistance For GSAT Stock

The 24-hour chart illustrates a support level at 1.4367, which if violated will result in even more drops to 1.3933. On the upside, there is a resistance level at 1.5167. A further resistance level may holdings at 1.5533. The Relative Strength Index (RSI) on the 14-day chart is 79.03, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.2707, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 8.33%. Stochastics %K at 83.33% indicates the stock is a selling.

How much short interest is there in Globalstar Inc.?

A steep rise in short interest was recorded in Globalstar Inc. stocks on Aug 14, 2023, growing by 0.58 million shares to a total of 30.5 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 29.92 million shares. There was a rise of 1.9%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 4.45% of the overall stock float, the days-to-cover ratio (short ratio) rose to 9.75.


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