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

Globalstar, Inc. (NYSE:GSAT) saw unusually large options trading on Thursday. Stock investors acquired 25,942 call options on the stock. This is an increase of 119% compared to the typical daily volume of 11,841 call options.

Wall Street Analyst Weigh In

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

Globalstar Stock Up 1.0 %

GSAT traded up $0.02 during trading on Thursday, hitting $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 moving average price of $2.03. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -69.67 and a beta of 1.10. Globalstar has a one year low of $1.00 and a one year high of $2.74. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

Insider Buying and Selling

In related news, Director James Monroe III purchased 530,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were bought at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the purchase, the director now directly owns 6,834,090 shares of the company’s stock, valued at approximately $12,984,771. This represents a 8.41 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 37,688 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $2.13, for a total value of $80,275.44. Following the completion of the sale, the chief financial officer now directly owns 1,396,027 shares in the company, valued at $2,973,537.51. This trade represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,666,312 shares valued at $8,104,313. 61.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. Dynamic Technology Lab Private Ltd bought a new stake in Globalstar during the third quarter valued at about $56,000. Sender Co & Partners Inc. purchased a new stake in shares of Globalstar during the third quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. raised its stake in Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after purchasing an additional 117,864 shares during the period. BNP Paribas Financial Markets lifted its holdings in Globalstar by 26.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in Globalstar by 3,472.7% in the 3rd 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 in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.