Globalstar (NYSE:GSAT) Trading 2.3% Higher After Insider Buying Activity

Shares of Globalstar, Inc. (NYSE:GSAT) rose 2.3% during trading on Tuesday following insider buying activity. The stock traded as high as $2.00 and last traded at $1.98. Approximately 5,631,519 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 18,954,704 shares. The stock had previously closed at $1.93.

Specifically, Director James Monroe III acquired 500,000 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the completion of the transaction, the director now owns 9,834,090 shares of the company’s stock, valued at approximately $19,373,157.30. This represents a 5.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Monroe III acquired 500,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director now directly owns 8,834,090 shares of the company’s stock, valued at $17,668,180. This represents a 6.00 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Up 2.1 %

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 firm has a market cap of $3.73 billion, a PE ratio of -65.67 and a beta of 1.10. The company’s fifty day moving average is $1.96.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new stake in Globalstar during the 3rd quarter worth approximately $56,000. Sender Co & Partners Inc. bought a new position in Globalstar in the 3rd quarter worth $106,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in 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 lifted its position in shares of Globalstar by 26.4% in 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. Finally, XTX Topco Ltd grew its position 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 worth $1,211,000 after purchasing an additional 949,025 shares in the last quarter. 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.