Stock Traders Buy Large Volume of Globalstar Call Options (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) saw unusually large options trading on Wednesday. Investors bought 26,105 call options on the company. This represents an increase of approximately 328% compared to the average daily volume of 6,105 call options.

Globalstar Stock Performance

Globalstar stock opened at $1.89 on Friday. 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 has a market cap of $3.58 billion, a P/E ratio of -63.00 and a beta of 0.88. Globalstar has a one year low of $1.00 and a one year high of $2.13.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new position in shares of Globalstar during the 3rd quarter worth approximately $56,000. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after buying an additional 117,864 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after buying an additional 68,599 shares during the period. 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. Finally, Charles Schwab Investment Management Inc. raised its position in Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after purchasing an additional 196,644 shares during the last quarter. 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.