Globalstar, Inc. Director Makes Significant Stock Purchase

On December 13th, 2023, James Monroe III, a director at Globalstar, Inc. (NYSE:GSAT), made a notable investment by acquiring 530,000 shares of the company's stock. The shares were purchased at an average price of $1.90 each, bringing the total value of the transaction to $1,007,000. After this purchase, Monroe now holds a total of 6,834,090 shares in Globalstar, which is valued at approximately $12,984,771. This purchase marks an 8.41% increase in his ownership stake in the company. The details of this transaction have been disclosed in a filing with the Securities and Exchange Commission (SEC).

Globalstar Stock Performance

During mid-day trading on the same day, shares of Globalstar were trading down by $0.05, reaching a price of $1.95. The trading volume on that day was notably high, with 21,525,106 shares changing hands, compared to an average volume of 7,878,825. The company currently has a market capitalization of $3.69 billion and a negative P/E ratio of -65.00. Globalstar has a fifty-day moving average of $1.92 and a beta value of 1.10. Furthermore, the company’s debt-to-equity ratio stands at 0.91, with a current ratio of 1.09 and a quick ratio of 0.99. Over the past year, Globalstar's stock has experienced a low of $1.00 and a high of $2.74.

Recent Analyst Ratings

Recently, StockNews.com adjusted its rating for Globalstar shares, upgrading it from a "sell" to a "hold" as of November 11th.

Institutional Trading Activity

Recent institutional trading shows several hedge funds have changed their stakes in Globalstar. Barclays PLC increased its holdings by 36.6% in the third quarter, accumulating 1,270,443 shares valued at $1,575,000 after purchasing an additional 340,476 shares. Additionally, Geode Capital Management LLC raised its stake by 2.3% during the same period, holding 16,812,336 shares valued at $20,852,000 after acquiring 382,288 more shares. Sender Co & Partners Inc. also entered a new position in Globalstar valued at $106,000. XTX Topco Ltd dramatically expanded its position by 3,472.7%, owning 976,353 shares worth $1,211,000 after purchasing 949,025 additional shares. Finally, State Street Corp likewise boosted its holdings by 3.4%, now owning 17,583,625 shares valued at $21,804,000 after acquiring 580,305 shares in the last quarter. In total, institutional investors and hedge funds own approximately 18.89% of Globalstar's stock.

About Globalstar, Inc.

Globalstar Inc. is a provider of satellite voice and data services catering to both commercial and recreational users across more than 120 countries worldwide. Their product range includes mobile and fixed satellite telephones, satellite data modems, and a variety of service packages designed to enhance productivity in industries that operate in areas beyond traditional cellular and landline coverage.

Globalstar, Investment, Stock