Globalstar Sees Unusually High Options Volume (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the recipient of unusually large options trading on Thursday. Traders purchased 25,942 call options on the stock. This is an increase of approximately 119% compared to the typical daily volume of 11,841 call options.

Analysts Set New Price Targets

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

Globalstar Price Performance

Shares of NYSE:GSAT opened at $2.20 on Friday. The company has a 50 day moving average price of $2.05. Globalstar has a fifty-two week low of $1.00 and a fifty-two week high of $2.74. 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 quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Insiders Place Their Bets

In related news, Director William A. Hasler sold 90,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now directly owns 848,668 shares in the company, valued at $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total transaction of $7,770,000.00. Following the sale, the vice president now directly owns 6,383,649 shares of the company’s stock, valued at $14,171,700.78. This represents a 35.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have bought 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,666,312 shares valued at $8,104,313. Company insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Globalstar in the 3rd quarter valued at $56,000. Sender Co & Partners Inc. bought a new stake in shares of Globalstar in the third 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 worth $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd grew its position 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 valued at $1,211,000 after purchasing an additional 949,025 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.