Traders Purchase High Volume of Globalstar Call Options (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the target of unusually large options trading activity on Tuesday. Traders acquired 91,068 call options on the company. This is an increase of 931% compared to the typical daily volume of 8,832 call options.

Insider Transactions at Globalstar

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now directly owns 848,668 shares in the company, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Large investors have recently made changes to their positions in the company. Barclays PLC boosted its position in Globalstar by 36.6% during the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after purchasing an additional 340,476 shares during the period. Geode Capital Management LLC boosted its position in Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares during the period. Sender Co & Partners Inc. bought a new stake in Globalstar during the third quarter worth approximately $106,000. XTX Topco Ltd boosted 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 purchasing an additional 949,025 shares during the period. Finally, State Street Corp boosted its position in Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after purchasing an additional 580,305 shares during the period. Institutional investors own 18.89% of the company’s stock.

Globalstar Price Performance

Shares of NYSE GSAT traded up $0.12 during midday trading on Tuesday, reaching $2.23. 66,041,554 shares of the company traded hands, compared to its average volume of 7,541,285. Globalstar has a 52 week low of $1.00 and a 52 week high of $2.74. The stock’s 50-day moving average is $1.88. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $4.22 billion, a P/E ratio of -79.00 and a beta of 1.10.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Globalstar from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

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.