Globalstar (NYSE:GSAT) Sees Unusually-High Trading Volume on Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT) saw an uptick in trading volume on Thursday after an insider bought additional shares in the company. 3,318,300 shares changed hands during mid-day 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 bought 500,000 shares of the business’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 completion of the purchase, the director now directly owns 10,334,090 shares of the company’s stock, valued at approximately $19,944,793.70. This trade represents a 5.08 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James Monroe III bought 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, with a total value of $985,000.00. Following the completion of the transaction, the director now directly owns 9,834,090 shares of the company’s stock, valued at approximately $19,373,157.30. The trade was a 5.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

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 6.9 %

The stock’s fifty day moving average price is $1.97. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The stock has a market cap of $3.99 billion, a P/E ratio of -70.17 and a beta of 1.10.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently modified their holdings of the company. Barclays PLC increased its position in Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after buying an additional 340,476 shares during the period. Geode Capital Management LLC lifted its position in 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 purchasing an additional 382,288 shares during the period. Sender Co & Partners Inc. purchased a new stake in shares of Globalstar in the third quarter valued at approximately $106,000. XTX Topco Ltd boosted its position in shares of Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after purchasing an additional 949,025 shares in the last quarter. Finally, State Street Corp grew its position in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after buying an additional 580,305 shares during the period. 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.