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

Globalstar, Inc. (NYSE:GSAT) saw some unusual options trading on Tuesday. Stock investors bought 91,068 call options on the company. This is an increase of 931% compared to the typical volume of 8,832 call options.

Wall Street Analysts Forecast Growth

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

Globalstar Price Performance

Shares of Globalstar stock traded up $0.12 during trading hours on Tuesday, reaching $2.23. The company had a trading volume of 66,041,554 shares, compared to its average volume of 7,541,285. Globalstar has a one year low of $1.00 and a one year high of $2.74. The business has a fifty day moving average price of $1.88. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The company has a market cap of $4.22 billion, a price-to-earnings ratio of -79.00 and a beta of 1.10.

Insider Activity at Globalstar

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the transaction, the director now directly owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 61.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globalstar

A number of large investors have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in shares of Globalstar by 36.6% in the third quarter. Barclays PLC now owns 1,270,443 shares of the company’s stock worth $1,575,000 after acquiring an additional 340,476 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Globalstar by 2.3% in 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 during the period. Sender Co & Partners Inc. bought a new position in shares of Globalstar in the third quarter worth $106,000. XTX Topco Ltd boosted its holdings in shares of Globalstar by 3,472.7% in the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock worth $1,211,000 after acquiring an additional 949,025 shares during the period. Finally, State Street Corp boosted its holdings in shares of Globalstar by 3.4% in the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after acquiring an additional 580,305 shares during the period. 18.89% of the stock is owned by institutional investors.

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.