Globalstar (NYSEARCA:GSAT) Stock Price Up 7.7% – Here’s Why

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price traded up 7.7% during mid-day trading on Wednesday . The stock traded as high as $65.52 and last traded at $64.5610. 894,334 shares traded hands during trading, a decline of 1% from the average session volume of 902,231 shares. The stock had previously closed at $59.92.

Globalstar Trading Up 7.4%

The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.91. The firm has a market cap of $8.17 billion, a PE ratio of -2,146.00 and a beta of 1.00. The business has a fifty day moving average price of $41.14 and a 200 day moving average price of $29.66.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GSAT. IFP Advisors Inc raised its stake in Globalstar by 59,255.6% during the 1st quarter. IFP Advisors Inc now owns 5,342 shares of the company’s stock worth $111,000 after acquiring an additional 5,333 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in Globalstar in the first quarter valued at $150,000. Ieq Capital LLC acquired a new stake in shares of Globalstar during the first quarter worth about $213,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Globalstar during the first quarter worth about $1,332,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Globalstar in the 1st quarter valued at about $1,915,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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.