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

Globalstar, Inc. (NYSE:GSAT) was up 2.3% during mid-day 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 were traded during 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 bought 500,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was acquired at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the acquisition, the director now owns 9,834,090 shares of the company’s stock, valued at $19,373,157.30. This trade represents a 5.36 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James Monroe III purchased 500,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired at an average price of $2.00 per share, for a total transaction 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 trade represents a 6.00 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

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

Globalstar Price Performance

The business’s 50-day moving average price is $1.97. 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 capitalization of $3.73 billion, a P/E ratio of -65.67 and a beta of 1.10.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in Globalstar in the 3rd quarter worth $56,000. Sender Co & Partners Inc. purchased a new stake in shares of Globalstar during the third quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of 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 acquiring an additional 117,864 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in 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 purchasing an additional 68,599 shares during the last quarter. Finally, XTX Topco Ltd grew 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 purchasing an additional 949,025 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.