Globalstar (NYSE:GSAT) Shares Up 2.3% on Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT) shares traded up 2.3% on Tuesday following insider buying activity. The company traded as high as $2.00 and last traded at $1.98. 5,631,519 shares traded hands during mid-day 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 acquired 500,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were acquired at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the completion of the transaction, the director now directly owns 9,834,090 shares of the company’s stock, valued at approximately $19,373,157.30. The trade was a 5.36 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Monroe III bought 500,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was purchased at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director now directly owns 8,834,090 shares in the company, valued at approximately $17,668,180. The trade was a 6.00 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Globalstar Price Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The firm has a market cap of $3.73 billion, a PE ratio of -65.67 and a beta of 1.10. The firm has a fifty day moving average of $1.97.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd bought a new position in Globalstar in the 3rd quarter worth about $56,000. BNP Paribas Financial Markets grew 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 worth $407,000 after purchasing an additional 68,599 shares in the last quarter. Sender Co & Partners Inc. bought a new position in Globalstar in the third quarter worth approximately $106,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Globalstar by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares in the last quarter. 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.