Globalstar Director Makes Significant Stock Purchase

Globalstar, Inc. (NYSE:GSAT - Get Free Report) has seen significant activity from its Director James Monroe III, who purchased 500,000 shares of the company's stock on Monday, December 23rd. The shares were bought at an average price of $1.93 per share, bringing the total expenditure to $965,000. Following this acquisition, Monroe now directly holds 10,334,090 shares in Globalstar, valued at approximately $19,944,793.70. This acquisition marks a 5.08% increase in his overall stake in the company. The details of this transaction were filed with the Securities and Exchange Commission (SEC) and can be accessed through their official website.

Monroe has been active in trading Globalstar stock recently. His previous transactions include:

• On December 20th, he bought another 500,000 shares at an average price of $1.97, totaling $985,000.
• On December 18th, he made a purchase of 500,000 shares at $2.00 per share, for a total of $1,000,000.
• On December 16th, he acquired additional 500,000 shares at $1.96 each, costing $980,000.
• On December 13th, Monroe purchased 530,000 shares at an average price of $1.90, totaling $1,007,000.

Globalstar's Stock Performance

On Thursday, shares of GSAT rose by $0.07 to reach $2.04. During this trading session, the company experienced a volume of 3,581,282 shares compared to its average volume of 8,017,312. The 50-day simple moving average for the stock is currently at $1.97. Over the past year, Globalstar's stock has seen lows of $1.00 and highs of $2.74. Some of the company’s financial metrics include a debt-to-equity ratio of 0.91, a quick ratio of 0.99, and a current ratio of 1.09. The company maintains a market cap of $3.85 billion and carries a negative PE ratio of -67.83 with a beta of 1.10.

Analyst Ratings Update

In a separate note, StockNews.com upgraded Globalstar's rating from "sell" to "hold" on November 11th, indicating a shift in analysts' perspectives towards the stock.

Institutional Investment Changes

Recent changes in holdings by large investors reflect growing interest in Globalstar. XTX Topco Ltd significantly increased its stake by 3,472.7% during the third quarter, now holding 976,353 shares worth $1,211,000 after acquiring an additional 949,025 shares. FMR LLC also expanded its holdings by 32.7%, now owning 4,473,492 shares valued at $5,547,000 following a purchase of 1,102,776 shares. Similarly, State Street Corp increased ownership by 3.4%, totaling 17,583,625 shares valued at $21,804,000 with an extra 580,305 shares bought last quarter. Charles Schwab Investment Management Inc. and BNP Paribas Financial Markets have also increased their stakes, bringing the percentage of shares owned by institutional investors to 18.89% of the total stock.

About Globalstar

Globalstar Inc. offers satellite communication services, including voice and data services, to commercial and recreational customers across more than 120 countries. Their product suite includes mobile and fixed satellite telephones, data modems, and various flexible service packages that enhance productivity in industries operating in remote areas where traditional cellular and landline services may not be available.

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