Globalstar, Inc. (NYSE:GSAT) Director Acquires $1,000,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III acquired 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was purchased at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the acquisition, the director now directly owns 8,834,090 shares of the company’s stock, valued at $17,668,180. The trade was a 6.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

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

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

Globalstar Stock Performance

Shares of NYSE GSAT opened at $1.95 on Friday. The firm’s 50-day moving average is $1.95. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of -65.00 and a beta of 1.10.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Globalstar

A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in shares of Globalstar by 3.4% in the third 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 during the period. Geode Capital Management LLC raised its holdings in 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. Charles Schwab Investment Management Inc. raised its holdings in Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after acquiring an additional 196,644 shares during the period. 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 acquiring an additional 1,102,776 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock valued at $1,575,000 after acquiring an additional 340,476 shares during the period. 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.