Stock Traders Buy Large Volume of Globalstar Call Options (NASDAQ:GSAT)

Globalstar, Inc. (NASDAQ:GSAT) was the recipient of some unusual options trading activity on Wednesday. Investors bought 6,154 call options on the company. This represents an increase of approximately 135% compared to the average daily volume of 2,617 call options.

Insider Buying and Selling at Globalstar

In other news, General Counsel L Barbee Iv Ponder sold 682 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the sale, the general counsel directly owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. This represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rebecca Clary sold 762 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total transaction of $43,670.22. Following the completion of the sale, the chief financial officer owned 110,254 shares of the company’s stock, valued at $6,318,656.74. This trade represents a 0.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,519 shares of company stock worth $448,425 over the last quarter. 61.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar during the fourth quarter worth approximately $27,000. US Bancorp DE grew its position in Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares in the last quarter. Fortitude Family Office LLC bought a new position in Globalstar during the 3rd quarter worth $37,000. Finally, Advisory Services Network LLC bought a new position in Globalstar during the 3rd quarter worth $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Performance

NASDAQ:GSAT opened at $67.38 on Thursday. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The stock has a 50 day simple moving average of $60.42 and a 200 day simple moving average of $55.18. Globalstar has a 1-year low of $17.24 and a 1-year high of $74.88. The stock has a market cap of $8.66 billion, a P/E ratio of -449.17, a PEG ratio of 99.74 and a beta of 1.43.

Analyst Ratings Changes

GSAT has been the topic of several research analyst reports. Craig Hallum restated a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target for the company. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Globalstar presently has an average rating of “Hold” and a consensus price target of $69.00.

About Globalstar

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.