Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Acquires 530,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III acquired 530,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were bought at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the acquisition, the director now directly owns 6,834,090 shares in the company, valued at $12,984,771. This represents a 8.41 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Globalstar Price Performance

Shares of NYSE:GSAT traded down $0.05 on Friday, hitting $1.95. The company’s stock had a trading volume of 21,525,106 shares, compared to its average volume of 7,878,825. The firm’s 50-day moving average price is $1.92. Globalstar, Inc. has a 1 year low of $1.00 and a 1 year high of $2.74. The stock has a market cap of $3.69 billion, a P/E ratio of -65.00 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Globalstar

Several institutional investors have recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new position in shares of Globalstar during the 3rd quarter valued at about $56,000. Sender Co & Partners Inc. bought a new position in shares of Globalstar during the 3rd quarter valued at about $106,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing 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 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 during the last quarter. Finally, XTX Topco Ltd increased its position in shares of Globalstar by 3,472.7% during 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 last quarter. 18.89% of the stock is currently owned by institutional investors.

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.