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

Globalstar, Inc. (NYSE:GSAT) saw unusually-strong trading volume on Thursday following insider buying activity. Approximately 3,318,300 shares traded hands during mid-day 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 acquired 500,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was purchased at an average cost of $1.93 per share, for a total transaction of $965,000.00. Following the transaction, the director now directly owns 10,334,090 shares of the company’s stock, valued at approximately $19,944,793.70. This trade represents a 5.08 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Monroe III bought 500,000 shares of the stock in a transaction on Friday, December 20th. The shares were bought 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 in the company, valued at $19,373,157.30. The trade was a 5.36 % increase in their position. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

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

Globalstar Stock Performance

The stock has a market cap of $4.07 billion, a P/E ratio of -71.67 and a beta of 1.10. The business’s fifty day moving average price is $2.00. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of GSAT. JPMorgan Chase & Co. grew its stake in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after acquiring an additional 603,285 shares during the period. Barclays PLC boosted its holdings in shares of Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after purchasing an additional 340,476 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after purchasing an additional 382,288 shares during the period. Sender Co & Partners Inc. acquired a new position in Globalstar in the third quarter valued at $106,000. Finally, XTX Topco Ltd lifted its position in 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 buying an additional 949,025 shares during the period. Hedge funds and other institutional investors 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.