Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Purchases 530,000 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III bought 530,000 shares of Globalstar stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the acquisition, the director now directly owns 6,834,090 shares of the company’s stock, valued at $12,984,771. The trade was a 8.41 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Globalstar Trading Down 2.5 %

Globalstar stock traded down $0.05 during trading on Friday, hitting $1.95. 21,525,106 shares of the company were exchanged, compared to its average volume of 7,878,825. The firm has a 50 day simple moving average of $1.92. Globalstar, Inc. has a 52 week low of $1.00 and a 52 week high of $2.74. The company has a market capitalization of $3.69 billion, a P/E ratio of -65.00 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.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GSAT. Dynamic Technology Lab Private Ltd bought a new position in Globalstar in the 3rd quarter valued at $56,000. Sender Co & Partners Inc. bought a new position in Globalstar in the 3rd quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. grew its stake in Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets grew its stake in Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares during the period. Finally, XTX Topco Ltd grew its stake in Globalstar by 3,472.7% in 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. 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.