Globalstar (NYSE:GSAT) Trading Up 8.2% – Should You Buy?

Globalstar, Inc. (NYSE:GSAT) shares shot up 8.2% during trading on Wednesday . The stock traded as high as $2.07 and last traded at $2.06. 9,859,016 shares changed hands during mid-day trading, an increase of 24% from the average session volume of 7,932,971 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

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

Globalstar Stock Down 2.6 %

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The company has a market cap of $3.50 billion, a PE ratio of -61.67 and a beta of 1.10. The company has a 50-day simple moving average of $1.94.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $2.13, for a total value of $80,275.44. Following the completion of the sale, the chief financial officer now owns 1,396,027 shares of the company’s stock, valued at approximately $2,973,537.51. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Monroe III acquired 530,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the transaction, the director now owns 6,834,090 shares in the company, valued at approximately $12,984,771. This trade represents a 8.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 3,666,312 shares of company stock worth $8,104,313 over the last three months. Company insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of Globalstar in the third quarter worth $56,000. Sender Co & Partners Inc. acquired a new stake in Globalstar during the third quarter valued at $106,000. Point72 Asia Singapore Pte. Ltd. grew its position in Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after buying an additional 117,864 shares during the period. BNP Paribas Financial Markets grew its position in Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after buying an additional 68,599 shares during the period. Finally, XTX Topco Ltd lifted 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 purchasing an additional 949,025 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

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.