James Monroe III Acquires 500,000 Shares of Globalstar, Inc.

On December 16th, James Monroe III, a Director at Globalstar, Inc. (NYSE:GSAT), purchased 500,000 shares of the company's stock. The shares were bought at an average price of $1.96 each, leading to a total investment of $980,000. Following this transaction, Monroe now holds 7,834,090 shares in Globalstar, valued at approximately $15,354,816.40. This acquisition marks a 6.82% increase in his ownership stake in the company. The details of this trade were documented in a filing with the SEC, which is publicly accessible.

In an earlier transaction on December 13th, Monroe bought an additional 530,000 shares of Globalstar at an average price of $1.90 per share, amounting to a total outlay of $1,007,000.00.

Globalstar Stock Overview

On the day of Monroe's latest purchase, Globalstar's stock remained relatively stable, trading at $1.95. The trading volume was notably high at 13,586,712 shares, far exceeding its usual volume of approximately 7,908,471. Currently, Globalstar has a market capitalization of $3.69 billion, a P/E ratio of -65.00, and a beta value of 1.10. Over the past year, the stock has experienced a low of $1.00 and a high of $2.74.

Institutional Investor Activity

There has been a noticeable increase in the interest from institutional investors in Globalstar. For example, FMR LLC raised its stake by 32.7% during the third quarter, acquiring an additional 1,102,776 shares, bringing its total ownership to 4,473,492 shares. Similarly, XTX Topco Ltd dramatically expanded its position by 3,472.7%, now holding 976,353 shares after adding 949,025 shares in the same period. Other notable investors include State Street Corp, Geode Capital Management LLC, and Barclays PLC, all of whom have increased their holdings in Globalstar recently. As a result, approximately 18.89% of the company's stock is now owned by hedge funds and other institutional investors.

Analyst Ratings

In terms of analyst ratings, Globalstar recently saw StockNews.com upgrade its rating from "sell" to "hold" on November 11th.

About Globalstar

Globalstar, Inc. offers satellite voice and data services across more than 120 countries, targeting both commercial and recreational users. Its product lineup includes mobile and fixed satellite phones, duplex and simplex data modems, and various flexible service packages. Globalstar's offerings are particularly valuable for industries operating in remote areas where conventional cellular or landline services do not reach.

Globalstar, Investment, Stock