Globalstar, Inc. (NYSE:GSAT) Director Acquires $965,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III acquired 500,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was acquired at an average price of $1.93 per share, with a total value of $965,000.00. Following the purchase, the director now owns 10,334,090 shares in the company, valued at approximately $19,944,793.70. This represents a 5.08 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

James Monroe III also recently made the following trade(s):

• On Friday, December 20th, James Monroe III bought 500,000 shares of Globalstar stock. The stock was acquired at an average cost of $1.97 per share, for a total transaction of $985,000.00.
• On Wednesday, December 18th, James Monroe III purchased 500,000 shares of Globalstar stock. The shares were acquired at an average price of $2.00 per share, with a total value of $1,000,000.00.
• On Monday, December 16th, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was bought at an average price of $1.96 per share, for a total transaction of $980,000.00.
• On Friday, December 13th, James Monroe III purchased 530,000 shares of Globalstar stock. The stock was bought at an average cost of $1.90 per share, for a total transaction of $1,007,000.00.

Globalstar Stock Up 0.9 %

Shares of GSAT stock opened at $2.15 on Friday. The company has a market cap of $4.07 billion, a P/E ratio of -71.67 and a beta of 1.10. Globalstar, Inc. has a 12-month low of $1.00 and a 12-month high of $2.74. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The company’s 50-day moving average price is $2.00.

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.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. State Street Corp increased its holdings in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock valued at $21,804,000 after purchasing an additional 580,305 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after buying an additional 382,288 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after buying an additional 196,644 shares during the last quarter. FMR LLC lifted its position in Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after buying an additional 1,102,776 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

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.