Globalstar (NYSE:GSAT) Sees Large Volume Increase After Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT) shares saw strong trading volume on Thursday after an insider bought additional shares in the company. 3,318,300 shares traded hands during 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 Globalstar stock in a transaction that occurred on Monday, December 23rd. The stock was bought at an average price of $1.93 per share, for a total transaction of $965,000.00. Following the purchase, the director now directly owns 10,334,090 shares of the company’s stock, valued at approximately $19,944,793.70. The trade was a 5.08 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Monroe III purchased 500,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were purchased at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the purchase, the director now owns 9,834,090 shares in the company, valued at approximately $19,373,157.30. The trade was a 5.36 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Up 6.9 %

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 has a 50 day simple moving average of $1.97. The firm has a market cap of $3.99 billion, a PE ratio of -70.17 and a beta of 1.10.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of Globalstar in the 3rd quarter valued at about $56,000. Sender Co & Partners Inc. purchased a new position in Globalstar during the third quarter valued at approximately $106,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Globalstar by 1,000.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after acquiring an additional 117,864 shares during the period. BNP Paribas Financial Markets boosted 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 in the last quarter. Finally, XTX Topco Ltd grew its stake 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 during the period. 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.