Globalstar, Inc. (NYSE:GSAT) Director Acquires $980,000.00 in Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III bought 500,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was bought at an average cost of $1.96 per share, for a total transaction of $980,000.00. Following the completion of the transaction, the director now directly owns 7,834,090 shares in the company, valued at approximately $15,354,816.40. The trade was a 6.82 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

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

• On Friday, December 13th, James Monroe III bought 530,000 shares of Globalstar stock. The stock was purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00.

Globalstar Stock Performance

Shares of Globalstar stock opened at $1.90 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The stock has a market cap of $3.60 billion, a P/E ratio of -63.33 and a beta of 1.10. Globalstar, Inc. has a 1 year low of $1.00 and a 1 year high of $2.74. The stock’s fifty day simple moving average is $1.94.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Globalstar during the 3rd quarter worth $56,000. Sender Co & Partners Inc. acquired a new position in Globalstar during the third quarter worth $106,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Globalstar by 1,000.5% in 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 in the last quarter. BNP Paribas Financial Markets grew its position 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 during the last quarter. Finally, XTX Topco Ltd increased its position in 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 buying an additional 949,025 shares in the last quarter. Institutional investors and hedge funds 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.