Globalstar (NYSE:GSAT) Sees Strong Trading Volume Following Insider Buying Activity

Shares of Globalstar, Inc. (NYSE:GSAT) saw unusually-strong trading volume on Thursday following insider buying activity. Approximately 3,318,300 shares were traded 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 the stock in a transaction that occurred on Monday, December 23rd. The shares were bought at an average price of $1.93 per share, for a total transaction of $965,000.00. Following the purchase, the director now owns 10,334,090 shares in the company, valued at $19,944,793.70. This represents a 5.08 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director James Monroe III bought 500,000 shares of the 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 acquisition, 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 disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Up 6.9 %

The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -70.17 and a beta of 1.10. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The stock has a 50 day simple moving average of $1.97.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new stake in shares of Globalstar in the 3rd quarter valued at about $56,000. Sender Co & Partners Inc. acquired a new position in shares of Globalstar in the 3rd quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of 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 purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets raised its position in Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after buying an additional 68,599 shares during the last quarter. Finally, 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 last quarter. Hedge funds and other 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.