Globalstar (NYSE:GSAT) Sees Strong Trading Volume on Insider Buying Activity

Shares of Globalstar, Inc. (NYSE:GSAT - Get Free Report) saw unusually-high trading volume on Thursday following insider buying activity. Approximately 3,318,300 shares changed hands during 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 bought 500,000 shares of the company's stock in a transaction on Monday, December 23rd. The shares were bought at an average cost of $1.93 per share, with a total value of $965,000.00. Following the transaction, the director now directly owns 10,334,090 shares in the company, valued at approximately $19,944,793.70. This trade represents a 5.08 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Monroe III purchased 500,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was purchased at an average cost of $1.97 per share, with a total value of $985,000.00. Following the purchase, the director now owns 9,834,090 shares in the company, valued at $19,373,157.30. This represents a 5.36 % increase in their position. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

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

Globalstar Trading Up 0.9 %

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. XTX Topco Ltd boosted its holdings in Globalstar by 3,472.7% during the third 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 in the last quarter. FMR LLC lifted its position in shares of Globalstar by 32.7% during the 3rd 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 during the period. State Street Corp boosted its stake in Globalstar by 3.4% in the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company's stock valued at $21,804,000 after buying an additional 580,305 shares in the last quarter. Barclays PLC boosted its stake in Globalstar by 36.6% in the 3rd quarter. Barclays PLC now owns 1,270,443 shares of the company's stock valued at $1,575,000 after buying an additional 340,476 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company's stock valued at $7,671,000 after acquiring an additional 196,644 shares during the period. 18.89% of the stock is 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.