Globalstar (NYSE:GSAT) Sees Strong Trading Volume – Time to Buy?

Globalstar, Inc. (NYSE:GSAT) saw unusually-high trading volume on Thursday . Approximately 7,481,523 shares traded hands during trading, a decline of 3% from the previous session’s volume of 7,742,994 shares.The stock last traded at $2.11 and had previously closed at $2.22.

Analyst Ratings Changes

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

Globalstar Price Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The stock has a 50-day simple moving average of $1.92. The firm has a market cap of $3.78 billion, a P/E ratio of -66.33 and a beta of 1.10.

Insider Buying and Selling at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 38,624 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $2.08, for a total transaction of $80,337.92. Following the completion of the sale, the general counsel now owns 2,057,241 shares in the company, valued at $4,279,061.28. This represents a 1.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction on Monday, December 9th. The shares were sold at an average price of $2.13, for a total value of $80,275.44. Following the completion of the transaction, the chief financial officer now owns 1,396,027 shares in the company, valued at $2,973,537.51. This represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 166,312 shares of company stock worth $334,313 over the last ninety days. Company insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of GSAT. 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 stake in shares of Globalstar in the third quarter worth $106,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Globalstar by 1,000.5% during the third 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 lifted 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 valued at $407,000 after purchasing an additional 68,599 shares during the period. Finally, XTX Topco Ltd boosted its holdings in Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after purchasing an additional 949,025 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other 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.