Investors Buy Large Volume of Call Options on Globalstar (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the recipient of some unusual options trading activity on Thursday. Stock investors bought 25,942 call options on the stock. This is an increase of approximately 119% compared to the average daily volume of 11,841 call options.

Insider Buying and Selling at Globalstar

In related news, Director James Monroe III bought 530,000 shares of Globalstar stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of $1.90 per share, with a total value of $1,007,000.00. Following the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William A. Hasler sold 90,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This trade represents a 9.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 3,030,000 shares of company stock valued at $5,987,000 and sold 3,666,312 shares valued at $8,104,313. Insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in shares of Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after purchasing an additional 603,285 shares in the last quarter. Barclays PLC increased its holdings 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 buying an additional 340,476 shares during the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 382,288 shares in the last quarter. Sender Co & Partners Inc. acquired a new stake in Globalstar in the third quarter valued at $106,000. Finally, XTX Topco Ltd grew its position in shares of Globalstar by 3,472.7% in the 3rd quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after acquiring an additional 949,025 shares during the period. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Globalstar Trading Up 1.0 %

Shares of NYSE GSAT traded up $0.02 during midday trading on Thursday, reaching $2.09. The company’s stock had a trading volume of 8,793,525 shares, compared to its average volume of 8,197,319. The stock has a 50 day simple moving average of $2.03. 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 company has a market cap of $3.96 billion, a PE ratio of -69.67 and a beta of 1.10. Globalstar has a fifty-two week low of $1.00 and a fifty-two week high of $2.74.

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.