Globalstar (NYSE:GSAT) Trading Up 8.2% – Here’s What Happened

Shares of Globalstar, Inc. (NYSE:GSAT) rose 8.2% on Wednesday . The company traded as high as $2.07 and last traded at $2.06. Approximately 9,859,016 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 7,932,971 shares. The stock had previously closed at $1.90.

Wall Street Analyst Weigh In

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

Globalstar Stock Performance

The stock’s 50-day simple moving average is $1.94. The firm has a market cap of $3.50 billion, a PE ratio of -61.67 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insider Activity at Globalstar

In other news, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the sale, the vice president now owns 6,383,649 shares in the company, valued at $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the sale, the chief financial officer now owns 1,396,027 shares in the company, valued at $2,973,537.51. This represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,666,312 shares of company stock valued at $8,104,313. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

A number of hedge funds have recently made changes to their positions in GSAT. Dynamic Technology Lab Private Ltd bought a new stake in Globalstar during the third 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. boosted its holdings in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after acquiring an additional 117,864 shares during the period. BNP Paribas Financial Markets boosted 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 during the period. Finally, XTX Topco Ltd boosted its holdings in shares of Globalstar by 3,472.7% during the third 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 period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.