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

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III acquired 500,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the director now directly owns 8,834,090 shares of the company’s stock, valued at $17,668,180. The trade was a 6.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

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

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

Globalstar Trading Up 3.2 %

Shares of GSAT stock traded up $0.06 on Thursday, reaching $1.91. 3,041,074 shares of the stock were exchanged, compared to its average volume of 7,970,367. The stock has a market cap of $3.61 billion, a P/E ratio of -63.67 and a beta of 1.10. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.74. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The company’s 50 day moving average price is $1.94.

Institutional Investors Weigh In On Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its position in shares of Globalstar by 32.7% during the third 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. XTX Topco Ltd grew its position in shares of Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after acquiring an additional 949,025 shares during the last quarter. State Street Corp raised its holdings in shares of Globalstar by 3.4% in 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 last quarter. Geode Capital Management LLC grew its holdings in shares of Globalstar by 2.3% during the third 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 last quarter. Finally, Barclays PLC increased its position 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 acquiring an additional 340,476 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.