Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Purchases $965,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III bought 500,000 shares of the business’s stock in a transaction 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 completion of the acquisition, the director now owns 10,334,090 shares of the company’s stock, valued at approximately $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 at the SEC website.

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

• On Friday, December 20th, James Monroe III acquired 500,000 shares of Globalstar stock. The shares were bought at an average cost of $1.97 per share, for a total transaction of $985,000.00.
• On Wednesday, December 18th, James Monroe III bought 500,000 shares of Globalstar stock. The shares were bought at an average cost of $2.00 per share, with a total value of $1,000,000.00.
• On Monday, December 16th, James Monroe III purchased 500,000 shares of Globalstar stock. The stock was purchased at an average cost of $1.96 per share, for a total transaction of $980,000.00.
• On Friday, December 13th, James Monroe III acquired 530,000 shares of Globalstar stock. The shares were purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00.

Globalstar Stock Up 0.9 %

Shares of NYSE:GSAT opened at $2.15 on Friday. The company has a market cap of $4.07 billion, a P/E ratio of -71.67 and a beta of 1.10. The firm’s 50 day simple moving average is $2.00. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.74.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new position in Globalstar during the 3rd quarter valued at $56,000. Sender Co & Partners Inc. bought a new position in shares of Globalstar during the 3rd quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after buying an additional 117,864 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of 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 buying an additional 68,599 shares during the period. Finally, XTX Topco Ltd grew 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 in the last quarter. 18.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.