Globalstar, Inc. Director Makes Significant Stock Purchase

On December 13, 2023, James Monroe III, a director at Globalstar, Inc. (NYSE: GSAT), purchased 530,000 shares of the company’s stock. The shares were acquired at an average price of $1.90 each, resulting in a total investment of $1,007,000.00. Following this transaction, Monroe owns a total of 6,834,090 shares in Globalstar, which is valued at around $12,984,771. This acquisition represents an 8.41% increase in his ownership stake in the company. Details of the transaction were made public through a filing with the Securities and Exchange Commission (SEC).

Current Stock Performance

During trading on the same day, Globalstar shares dipped by $0.05, settling at $1.95. The trading volume reached 21,525,106 shares, substantially higher than the average volume of 7,878,825 shares. The company maintains a fifty-day moving average of $1.92 and has a market capitalization of $3.69 billion. Furthermore, Globalstar's price-to-earnings (P/E) ratio stands at -65.00, with a beta of 1.10. The firm’s debt-to-equity ratio is recorded at 0.91, and it has a current ratio of 1.09 and a quick ratio of 0.99. Over the past year, Globalstar's stock has fluctuated between a low of $1.00 and a high of $2.74.

Analyst Upgrades

On November 11, 2023, StockNews.com upgraded Globalstar’s stock rating from "sell" to "hold," indicating a shift in analyst sentiment towards a more positive outlook.

Recent Institutional Activity

In recent months, several hedge funds and institutional investors have made significant changes to their holdings in Globalstar. For example, Barclays PLC increased its stake by 36.6% during the third quarter, now owning 1,270,443 shares valued at $1,575,000 after adding 340,476 shares. Similarly, Geode Capital Management LLC also raised its position by 2.3%, holding now 16,812,336 shares worth $20,852,000. Other notable investments include Sender Co & Partners Inc., which acquired a new stake worth $106,000, and XTX Topco Ltd, which boosted its position by an impressive 3,472.7% to 976,353 shares valued at $1,211,000. Collectively, institutional investors own approximately 18.89% of Globalstar shares.

About Globalstar, Inc.

Globalstar, Inc. provides satellite voice and data communication services to both commercial and recreational users across more than 120 countries. The company’s offerings include mobile and fixed satellite telephones, simplex and duplex satellite data modems, along with various flexible service packages. Globalstar serves numerous industries, particularly those that operate in remote areas where traditional cellular and landline connections are unavailable, enhancing productivity for its users.

Globalstar, Stocks, Investment