Globalstar (NASDAQ:GSAT) Shares Gap Up – Here’s Why

Globalstar, Inc. (NASDAQ:GSAT)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $31.23, but opened at $32.82. Globalstar shares last traded at $36.31, with a volume of 1,421,893 shares traded.

Analyst Ratings Changes

Several analysts have commented on the stock. Zacks Research upgraded shares of Globalstar to a “strong-buy” rating in a research note on Monday, August 11th. Wall Street Zen raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Globalstar has a consensus rating of “Strong Buy”.

Globalstar Trading Up 17.5%

The firm has a market cap of $4.65 billion, a P/E ratio of -81.56 and a beta of 1.00. The company’s fifty day moving average price is $26.60. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.72 and a current ratio of 2.81.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.22. Globalstar had a negative return on equity of 1.17% and a negative net margin of 17.80%. Globalstar has set its FY 2025 guidance at EPS.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of the business. MRP Capital Investments LLC bought a new stake in shares of Globalstar during the 2nd quarter valued at about $64,000. Osaic Holdings Inc. increased its stake in shares of Globalstar by 640.4% during the 2nd quarter. Osaic Holdings Inc. now owns 3,302 shares of the company’s stock worth $78,000 after purchasing an additional 2,856 shares during the last quarter. State of Wyoming grew its stake in Globalstar by 82.3% in the 2nd quarter. State of Wyoming now owns 3,963 shares of the company’s stock valued at $93,000 after buying an additional 1,789 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Globalstar during the 1st quarter valued at about $99,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after acquiring an additional 2,331 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.