Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Acquires 500,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT - Get Free Report) Director James Monroe III purchased 500,000 shares of the stock in a transaction on Friday, December 20th. The shares were purchased at an average price of $1.97 per share, for a total transaction of $985,000.00. Following the transaction, the director now directly owns 9,834,090 shares of the company's stock, valued at approximately $19,373,157.30. This represents a 5.36 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

James Monroe III also recently made the following trade(s):

• On Wednesday, December 18th, James Monroe III acquired 500,000 shares of Globalstar stock. The stock was acquired at an average price of $2.00 per share, with a total value of $1,000,000.00.
• On Monday, December 16th, James Monroe III bought 500,000 shares of Globalstar stock. The stock was acquired at an average price of $1.96 per share, for a total transaction of $980,000.00.
• On Friday, December 13th, James Monroe III purchased 530,000 shares of Globalstar stock. The shares were acquired at an average price of $1.90 per share, with a total value of $1,007,000.00.

Globalstar Trading Down 1.0 %

Shares of NYSE:GSAT traded down $0.02 during trading on Monday, reaching $1.93. 9,846,400 shares of the company traded hands, compared to its average volume of 8,046,383. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.74. The firm's fifty day simple moving average is $1.96. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -64.33 and a beta of 1.10.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company's stock valued at $5,547,000 after acquiring an additional 1,102,776 shares during the last quarter. XTX Topco Ltd increased its holdings in 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 period. State Street Corp raised its position in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company's stock valued at $21,804,000 after purchasing an additional 580,305 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Globalstar by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company's stock worth $20,852,000 after buying an additional 382,288 shares during the period. Finally, Barclays PLC grew 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 last quarter. 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.