Globalstar (NYSE:GSAT) Trading Up 2.3% on Insider Buying Activity

Shares of Globalstar, Inc. (NYSE:GSAT) rose 2.3% during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $2.00 and last traded at $1.98. Approximately 5,631,519 shares changed 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 purchased 500,000 shares of Globalstar 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 in the company, valued at $19,373,157.30. This trade represents a 5.36 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Monroe III acquired 500,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director now owns 8,834,090 shares of the company’s stock, valued at approximately $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 raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Trading Up 2.1 %

The company has a 50-day simple moving average of $1.97. The company has a market capitalization of $3.73 billion, a PE ratio of -65.67 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Hedge Funds Weigh In On Globalstar

Large investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of Globalstar during the third quarter valued at about $56,000. Sender Co & Partners Inc. acquired a new position in shares of Globalstar in the 3rd quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Globalstar by 1,000.5% during the 3rd 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 position in Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd grew its stake in Globalstar by 3,472.7% in the 3rd 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. 18.89% of the stock is currently owned by 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.