Globalstar Sees Unusually High Options Volume (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT - Get Free Report) was the target of some unusual options trading activity on Thursday. Traders purchased 25,942 call options on the stock. This represents an increase of 119% compared to the average daily volume of 11,841 call options.

Insider Activity

In related news, Director James Monroe III bought 530,000 shares of Globalstar stock in a transaction dated Friday, December 13th. The stock was acquired at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the completion of the acquisition, the director now directly owns 6,834,090 shares in the company, valued at approximately $12,984,771. This trade represents a 8.41 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy Evan Taylor sold 3,500,000 shares of Globalstar stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $2.22, for a total value of $7,770,000.00. Following the completion of the transaction, the vice president now directly owns 6,383,649 shares in the company, valued at $14,171,700.78. This represents a 35.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,030,000 shares of company stock worth $5,987,000 and sold 3,666,312 shares worth $8,104,313. Insiders own 61.00% of the company's stock.

Institutional Trading of Globalstar

Several large investors have recently made changes to their positions in GSAT. JPMorgan Chase & Co. raised its position in shares of Globalstar by 36.3% in the third 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. Barclays PLC grew 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 during the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 382,288 shares during the period. Sender Co & Partners Inc. acquired a new position in Globalstar during the 3rd quarter worth $106,000. Finally, 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 acquiring an additional 949,025 shares during the period. Institutional investors own 18.89% of the company's stock.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Performance

Shares of NYSE GSAT traded up $0.05 during trading hours on Thursday, hitting $2.12. The stock had a trading volume of 14,204,700 shares, compared to its average volume of 19,119,218. The company's 50-day moving average price is $2.04. Globalstar has a 52 week low of $1.00 and a 52 week high of $2.74. The firm has a market capitalization of $4.01 billion, a P/E ratio of -70.67 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.

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.