Globalstar (NYSE:GSAT) Stock Price Up 2.3% on Insider Buying Activity

Globalstar, Inc. (NYSE:GSAT - Get Free Report)'s share price shot up 2.3% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $2.00 and last traded at $1.98. 5,631,519 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 18,954,704 shares. The stock had previously closed at $1.93.

Specifically, Director James Monroe III bought 500,000 shares of Globalstar stock in a transaction dated 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 transaction, the director now directly owns 9,834,090 shares of the company's stock, valued at approximately $19,373,157.30. The trade was a 5.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Monroe III purchased 500,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the acquisition, the director now directly owns 8,834,090 shares in the company, valued at $17,668,180. This trade represents a 6.00 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Performance

The stock has a market cap of $4.03 billion, a price-to-earnings ratio of -71.00 and a beta of 1.10. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The business's 50 day moving average price is $1.99.

Institutional Investors Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently bought and sold shares of GSAT. State Street Corp increased its position in shares of Globalstar by 3.4% during the third 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 during the period. Geode Capital Management LLC increased its holdings in Globalstar by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company's stock worth $20,852,000 after acquiring an additional 382,288 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Globalstar by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company's stock worth $7,671,000 after acquiring an additional 196,644 shares during the period. FMR LLC lifted its stake in Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company's stock worth $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Globalstar by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company's stock valued at $2,811,000 after purchasing an additional 603,285 shares during the period. Institutional investors own 18.89% of the company's stock.

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.