Globalstar (NYSEAMERICAN:GSAT) Shares Gap Up After Insider Buying Activity

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Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $0.40, but opened at $0.39. Globalstar shares last traded at $0.39, with a volume of 27,097 shares trading hands.

Specifically, CEO James Monroe III bought 221,606 shares of Globalstar stock in a transaction that occurred on Monday, December 2nd. The shares were acquired at an average price of $0.39 per share, for a total transaction of $86,426.34. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders bought 3,110,156 shares of company stock worth $1,212,961.

Separately, Zacks Investment Research raised shares of Globalstar from a “hold” rating to a “buy” rating and set a $0.50 price target on the stock in a research note on Tuesday, November 26th.

Globalstar (NYSEAMERICAN:GSAT) last released its quarterly earnings results on Tuesday, November 12th. The Wireless communications provider reported ($0.02) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02). The business had revenue of $38.61 million during the quarter.

A number of hedge funds have recently bought and sold shares of GSAT. Virtu Financial LLC grew its position in shares of Globalstar by 52.4% during the third quarter. Virtu Financial LLC now owns 92,582 shares of the Wireless communications provider’s stock worth $39,000 after buying an additional 31,819 shares in the last quarter. Intellectus Partners LLC bought a new position in Globalstar during the 3rd quarter valued at $39,000. Silvercrest Asset Management Group LLC acquired a new position in Globalstar during the 2nd quarter worth $46,000. Jane Street Group LLC acquired a new position in Globalstar during the 2nd quarter worth $62,000. Finally, California Public Employees Retirement System grew its holdings in Globalstar by 71.5% during the 3rd quarter. California Public Employees Retirement System now owns 339,414 shares of the Wireless communications provider’s stock worth $140,000 after acquiring an additional 141,525 shares in the last quarter.

Globalstar Company Profile (NYSEAMERICAN:GSAT)

Globalstar, Inc provides mobile satellite services, voice and data communications services through satellite worldwide. It offers communications services via satellite which includes: two-way voice communication and data transmissions using mobile or fixed devices; and one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station.

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