Globalstar Sees Unusually High Options Volume (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the target of some unusual options trading on Thursday. Stock traders bought 25,942 call options on the company. This is an increase of 119% compared to the average daily volume of 11,841 call options.

Insider Activity at Globalstar

In other news, VP Timothy Evan Taylor sold 3,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the transaction, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at $14,171,700.78. This represents a 35.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William A. Hasler sold 90,000 shares of Globalstar stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the sale, the director now owns 848,668 shares in the company, valued at $1,637,929.24. This trade represents a 9.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders purchased 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globalstar

Several institutional investors have recently bought and sold shares of GSAT. Dynamic Technology Lab Private Ltd bought a new stake in shares of Globalstar in the third quarter valued at $56,000. BNP Paribas Financial Markets increased its holdings in Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after acquiring an additional 68,599 shares during the last quarter. Sender Co & Partners Inc. bought a new stake in Globalstar in the 3rd quarter valued at about $106,000. Point72 Asia Singapore Pte. Ltd. lifted 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 purchasing an additional 117,864 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Globalstar by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares during the period. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

Shares of GSAT stock opened at $2.20 on Friday. Globalstar has a 52 week low of $1.00 and a 52 week high of $2.74. The stock has a 50-day moving average of $2.05. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -73.33 and a beta of 1.07. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91.

Analyst Ratings Changes

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

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.