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

Globalstar, Inc. (NYSE:GSAT)’s share price rose 2.3% during trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $2.00 and last traded at $1.98. Approximately 5,631,519 shares traded hands during trading, a decline of 70% from the average daily volume of 18,954,704 shares. The stock had previously closed at $1.93.

Specifically, Director James Monroe III bought 500,000 shares of the company’s 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 transaction, the director now owns 9,834,090 shares of the company’s stock, valued at approximately $19,373,157.30. This trade represents a 5.36 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Monroe III purchased 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director now owns 8,834,090 shares of the company’s stock, valued at approximately $17,668,180. This represents a 6.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Globalstar Stock Up 2.1 %

The business’s fifty day moving average price is $1.97. The company has a market capitalization of $3.73 billion, a P/E ratio of -65.67 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GSAT. State Street Corp raised its holdings in shares of Globalstar by 3.4% in 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of Globalstar by 2.3% in the 3rd 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 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 buying an additional 196,644 shares during the period. FMR LLC increased its holdings in shares of Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after buying an additional 1,102,776 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after buying an additional 340,476 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.