Globalstar (NASDAQ:GSAT) Shares Gap Up – Still a Buy?

Globalstar, Inc. (NASDAQ:GSAT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $24.92, but opened at $25.69. Globalstar shares last traded at $25.47, with a volume of 599,928 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, June 23rd.

Globalstar Trading Up 1.6%

The firm has a market cap of $3.41 billion, a price-to-earnings ratio of -36.92 and a beta of 0.91. The company has a current ratio of 2.27, a quick ratio of 2.19 and a debt-to-equity ratio of 1.37.

Insider Buying and Selling at Globalstar

In related news, Director James Monroe III acquired 50,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $18.68 per share, with a total value of $934,000.00. Following the completion of the acquisition, the director directly owned 58,833,076 shares of the company’s stock, valued at $1,099,001,859.68. This represents a 0.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 60.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globalstar

A hedge fund recently bought a new stake in Globalstar stock. Acadian Asset Management LLC acquired a new position in Globalstar, Inc. (NASDAQ:GSAT) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,777 shares of the company’s stock, valued at approximately $99,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.