Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Buys $980,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III purchased 500,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was bought at an average cost of $1.96 per share, for a total transaction of $980,000.00. Following the acquisition, the director now owns 7,834,090 shares in the company, valued at approximately $15,354,816.40. The trade was a 6.82 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

James Monroe III also recently made the following trade(s):

• On Friday, December 13th, James Monroe III acquired 530,000 shares of Globalstar stock. The shares were bought at an average price of $1.90 per share, with a total value of $1,007,000.00.

Globalstar Trading Down 2.6 %

NYSE GSAT opened at $1.90 on Wednesday. The stock has a 50-day moving average price of $1.94. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The company has a market cap of $3.60 billion, a PE ratio of -63.33 and a beta of 1.10. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Hedge Funds 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 bought a new stake in Globalstar during the 3rd quarter valued at $56,000. Sender Co & Partners Inc. acquired a new position in shares of Globalstar during the third quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets grew its position in Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after buying an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd increased its stake in Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the period. 18.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

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.