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

Globalstar, Inc. (NYSE:GSAT)’s share price shot up 2.3% on Tuesday following insider buying activity. The company traded as high as $2.00 and last traded at $1.98. 5,631,519 shares were traded during mid-day trading, a decline of 70% from the average session volume of 18,954,704 shares. The stock had previously closed at $1.93.

Specifically, Director James Monroe III bought 500,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were purchased at an average cost 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. This represents a 5.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Monroe III purchased 500,000 shares of Globalstar stock in a transaction dated Wednesday, December 18th. The shares were purchased at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director now owns 8,834,090 shares of the company’s stock, valued at approximately $17,668,180. This trade represents a 6.00 % increase in their position. 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 report 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 company’s fifty day moving average is $1.96. The firm has a market capitalization of $3.73 billion, a P/E ratio of -65.67 and a beta of 1.10.

Institutional Trading of Globalstar

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC grew its position in Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after buying an additional 340,476 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Globalstar by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after acquiring an additional 382,288 shares during the period. Sender Co & Partners Inc. bought a new position in shares of Globalstar in the third quarter valued at approximately $106,000. XTX Topco Ltd increased its stake 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 acquiring an additional 949,025 shares during the period. Finally, State Street Corp raised its holdings 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 purchasing an additional 580,305 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

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.