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

Globalstar, Inc. (NYSE:GSAT) shares saw strong trading volume on Thursday after an insider bought additional shares in the company. 3,318,300 shares were traded 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 acquired 500,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was bought at an average cost of $1.93 per share, with a total value of $965,000.00. Following the completion of the purchase, the director now directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Monroe III bought 500,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were acquired at an average cost of $1.97 per share, for a total transaction of $985,000.00. Following the transaction, the director now directly owns 9,834,090 shares in the company, valued at approximately $19,373,157.30. This trade represents a 5.36 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Globalstar Stock Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The company has a market cap of $3.99 billion, a price-to-earnings ratio of -70.17 and a beta of 1.10. The company’s fifty day simple moving average is $1.97.

Hedge Funds Weigh In On Globalstar

A number of large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its position 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 worth $1,211,000 after purchasing an additional 949,025 shares in the last quarter. FMR LLC raised its stake in Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the last quarter. State Street Corp grew its stake in shares of Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after acquiring an additional 196,644 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after acquiring an additional 68,599 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

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.