Globalstar (NYSE:GSAT) Sees Unusually-High Trading Volume on Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT) saw unusually-high trading volume on Thursday after an insider bought additional shares in the company. Approximately 3,318,300 shares changed 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 Globalstar stock in a transaction on Monday, December 23rd. The stock was purchased at an average cost of $1.93 per share, with a total value of $965,000.00. Following the purchase, the director now directly owns 10,334,090 shares in the company, valued at approximately $19,944,793.70. The trade was a 5.08 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Monroe III bought 500,000 shares of the stock in a transaction on Friday, December 20th. The stock was bought at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the completion of the purchase, the director now directly owns 9,834,090 shares in the company, valued at approximately $19,373,157.30. The trade was a 5.36 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The business has a 50-day moving average of $2.00. The firm has a market cap of $4.07 billion, a P/E ratio of -71.67 and a beta of 1.10.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position 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 worth $7,671,000 after purchasing an additional 196,644 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Globalstar in the third quarter valued at about $56,000. FMR LLC boosted its holdings in Globalstar by 32.7% during the third 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 in the last quarter. BNP Paribas Financial Markets grew its position in Globalstar by 26.4% during the third 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 period. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in 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 buying an additional 117,864 shares in the last quarter. Institutional investors and hedge funds 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.