Globalstar Target of Unusually High Options Trading (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the recipient of unusually large options trading on Friday. Investors bought 11,241 call options on the company. This represents an increase of 458% compared to the typical volume of 2,013 call options.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the transaction, the chief financial officer now directly owns 1,418,745 shares in the company, valued at approximately $1,773,431.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently made changes to their positions in GSAT. Vanguard Group Inc. raised its holdings in Globalstar by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after acquiring an additional 1,494,552 shares in the last quarter. Anson Funds Management LP raised its position in shares of Globalstar by 38.8% in the 1st quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after acquiring an additional 3,028,923 shares in the last quarter. Ashford Capital Management Inc. raised its holdings in shares of Globalstar by 1,551.7% during the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after purchasing an additional 6,602,454 shares during the period. Wolf Hill Capital Management LP grew its stake in Globalstar by 57.3% in the first quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock valued at $5,153,000 after acquiring an additional 1,276,866 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after purchasing an additional 307,357 shares in the last quarter. 18.89% of the stock is owned by institutional investors.

Globalstar Stock Up 31.4 %

Shares of NYSE:GSAT opened at $1.38 on Friday. Globalstar has a one year low of $1.00 and a one year high of $2.13. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -46.00 and a beta of 0.85. The company has a 50 day moving average of $1.16 and a 200-day moving average of $1.21.

Globalstar (NYSE:GSAT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. On average, sell-side analysts forecast that Globalstar will post -0.02 earnings per share for the current year.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.