Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Purchases 500,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III purchased 500,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were acquired at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the acquisition, the director now owns 9,834,090 shares of the company’s stock, valued at $19,373,157.30. This trade represents a 5.36 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Wednesday, December 18th, James Monroe III acquired 500,000 shares of Globalstar stock. The shares were bought at an average price of $2.00 per share, with a total value of $1,000,000.00.
• On Monday, December 16th, James Monroe III bought 500,000 shares of Globalstar stock. The shares were purchased at an average cost of $1.96 per share, with a total value of $980,000.00.
• On Friday, December 13th, James Monroe III acquired 530,000 shares of Globalstar stock. The stock was acquired at an average cost of $1.90 per share, with a total value of $1,007,000.00.

Globalstar Stock Down 0.8 %

GSAT stock traded down $0.02 during midday trading on Monday, reaching $1.94. 2,807,890 shares of the company’s stock traded hands, compared to its average volume of 8,014,474. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The firm has a market capitalization of $3.66 billion, a P/E ratio of -64.50 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. The firm has a fifty day simple moving average of $1.95.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new stake in Globalstar during the third quarter worth $56,000. Sender Co & Partners Inc. purchased a new position in shares of Globalstar in the 3rd quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Globalstar by 1,000.5% during the 3rd 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 boosted its stake 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 grew its holdings in Globalstar by 3,472.7% during the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.

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.