Globalstar (NYSE:GSAT) Sees Strong Trading Volume Following Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT) saw unusually-high trading volume on Thursday after an insider bought additional shares in the company. Approximately 3,318,300 shares were traded during trading, a decline of 59% from the previous session’s volume of 8,017,312 shares.The stock last traded at $2.03 and had previously closed at $1.97.

Specifically, Director James Monroe III purchased 500,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was acquired at an average cost of $1.93 per share, with a total value of $965,000.00. Following the acquisition, the director now owns 10,334,090 shares of the company’s stock, valued at approximately $19,944,793.70. This represents a 5.08 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Monroe III acquired 500,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the purchase, 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 disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Globalstar Trading Up 0.9 %

The company has a market cap of $4.07 billion, a price-to-earnings ratio of -71.67 and a beta of 1.10. The business’s 50-day moving average is $2.00. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd bought a new position in shares of Globalstar during the third quarter worth about $56,000. Sender Co & Partners Inc. acquired a new position in Globalstar during the 3rd quarter valued at about $106,000. Point72 Asia Singapore Pte. Ltd. grew its position in Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the last quarter. BNP Paribas Financial Markets increased its stake 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 purchasing an additional 68,599 shares during the period. Finally, XTX Topco Ltd raised its holdings 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 valued at $1,211,000 after buying an additional 949,025 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.

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.