Globalstar (NYSE:GSAT) Sees Large Volume Increase After Insider Buying Activity

Shares of Globalstar, Inc. (NYSE:GSAT) saw an uptick in trading volume on Thursday after an insider bought additional shares in the company. 3,318,300 shares traded hands during mid-day trading, a decline of 59% from the previous session’s volume of 8,017,312 shares.The stock last traded at $2.03 and had previously closed at $1.97.

Specifically, Director James Monroe III bought 500,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were acquired at an average cost of $1.93 per share, with a total value of $965,000.00. Following the completion of the transaction, the director now owns 10,334,090 shares in the company, valued at $19,944,793.70. The trade was a 5.08 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Monroe III purchased 500,000 shares of Globalstar stock in a transaction that occurred on Friday, December 20th. The stock was acquired at an average cost of $1.97 per share, with a total value of $985,000.00. Following the acquisition, the director now directly owns 9,834,090 shares of the company’s stock, valued at $19,373,157.30. The trade was a 5.36 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Separately, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Globalstar Price Performance

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 $4.07 billion, a PE ratio of -71.67 and a beta of 1.10. The business’s fifty day simple moving average is $2.00.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in Globalstar in the third quarter worth about $56,000. Sender Co & Partners Inc. bought a new position in Globalstar during the 3rd quarter worth approximately $106,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after buying an additional 117,864 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after acquiring an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd increased its holdings in shares of Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after acquiring an additional 949,025 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

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.