Globalstar (NYSE:GSAT) Trading Up 2.3% Following Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT)’s share price shot up 2.3% on Tuesday following insider buying activity. The stock traded as high as $2.00 and last traded at $1.98. 5,631,519 shares changed hands 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 acquired 500,000 shares of the company’s stock in a transaction on Friday, December 20th. The stock was acquired at an average cost of $1.97 per share, with a total value of $985,000.00. Following the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Monroe III bought 500,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director now directly owns 8,834,090 shares in the company, valued at approximately $17,668,180. This 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 Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Globalstar Stock Performance

The firm has a fifty day moving average of $1.96. The company has a market cap of $3.73 billion, a PE ratio of -65.67 and a beta of 1.10. 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 Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GSAT. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar in the third quarter valued at $56,000. Sender Co & Partners Inc. purchased a new position in shares of Globalstar during the 3rd quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares during the last quarter. BNP Paribas Financial Markets raised its position in Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the period. Finally, XTX Topco Ltd lifted its stake in Globalstar by 3,472.7% in the third 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 during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.