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

Globalstar, Inc. (NYSE:GSAT) traded up 2.3% during trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $2.00 and last traded at $1.98. 5,631,519 shares traded hands during 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 Globalstar stock in a transaction dated Friday, December 20th. The stock was bought at an average cost 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 $19,373,157.30. This represents a 5.36 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James Monroe III purchased 500,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the transaction, the director now directly owns 8,834,090 shares of the company’s stock, valued at approximately $17,668,180. This represents a 6.00 % increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

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

Globalstar Price Performance

The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of -65.67 and a beta of 1.10. The firm has a 50-day moving average price of $1.96. 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 Trading of Globalstar

Several institutional investors and hedge funds have recently bought and sold shares of GSAT. XTX Topco Ltd raised its holdings 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 worth $1,211,000 after purchasing an additional 949,025 shares during the period. FMR LLC grew its position in shares of Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the last quarter. State Street Corp raised its stake 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 acquiring an additional 580,305 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Globalstar by 3.3% in the third 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 last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Globalstar by 26.4% in the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after acquiring an additional 68,599 shares during the period. Institutional investors and hedge funds 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.