Globalstar Sees Unusually High Options Volume (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the target of some unusual options trading activity on Thursday. Stock traders acquired 25,942 call options on the company. This is an increase of approximately 119% compared to the typical volume of 11,841 call options.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Globalstar

In other Globalstar news, Director James Monroe III bought 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was acquired at an average price of $2.10 per share, with a total value of $1,050,000.00. Following the completion of the purchase, the director now directly owns 11,334,090 shares of the company’s stock, valued at approximately $23,801,589. This trade represents a 4.62 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Timothy Evan Taylor sold 3,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the transaction, the vice president now directly owns 6,383,649 shares in the company, valued at approximately $14,171,700.78. This trade represents a 35.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. Insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new stake in Globalstar in the 3rd quarter valued at $56,000. Sender Co & Partners Inc. bought a new position in shares of Globalstar in the third quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. grew its holdings 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 increased its position in shares of 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 acquiring an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after acquiring an additional 949,025 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

GSAT stock opened at $2.20 on Friday. The business’s 50 day moving average price is $2.05. The firm has a market cap of $4.17 billion, a P/E ratio of -73.33 and a beta of 1.07. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. Globalstar has a fifty-two week low of $1.00 and a fifty-two week high of $2.74.

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.