Globalstar Target of Unusually Large Options Trading (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the recipient of unusually large options trading on Wednesday. Stock traders acquired 26,105 call options on the company. This represents an increase of 328% compared to the typical volume of 6,105 call options.

Institutional Investors Weigh In On Globalstar

A number of institutional investors and hedge funds have recently modified their holdings of GSAT. BNP Paribas Financial Markets lifted its holdings in shares of Globalstar by 26.4% in the third 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 in the last quarter. FMR LLC lifted its holdings in shares of Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Globalstar by 3.3% in the third 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 in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Globalstar in the third quarter valued at $56,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

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

Globalstar Price Performance

Shares of NYSE:GSAT traded down $0.15 on Wednesday, reaching $1.75. 26,203,898 shares of the company traded hands, compared to its average volume of 6,691,113. Globalstar has a fifty-two week low of $1.00 and a fifty-two week high of $2.13. The company has a market capitalization of $3.31 billion, a PE ratio of -58.33 and a beta of 0.88. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

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.