Globalstar (NASDAQ:GSAT) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Globalstar's stock has seen a significant increase in trading volume, with 876,640 shares exchanged recently, marking a 15% rise from the previous session.
• Analysts have upgraded Globalstar's rating, with a consensus of a "Strong Buy", indicating positive sentiment towards the company's stock.
• Globalstar reported earnings of $0.13 per share, exceeding analysts' expectations by $0.22, despite a negative return on equity and net margin.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) saw strong trading volume on Tuesday . 876,640 shares traded hands during mid-day trading, an increase of 15% from the previous session's volume of 760,234 shares.The stock last traded at $39.26 and had previously closed at $37.94.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wall Street Zen upgraded Globalstar from a "sell" rating to a "hold" rating in a research report on Monday, June 23rd. Zacks Research upgraded Globalstar to a "strong-buy" rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Strong Buy".

Globalstar Trading Down 1.2%

The business has a 50 day moving average price of $27.52. The company has a quick ratio of 2.72, a current ratio of 2.81 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $3.79 billion, a PE ratio of -66.53 and a beta of 1.01.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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.

Insider Buying and Selling at Globalstar

In other news, VP Timothy Evan Taylor sold 26,334 shares of Globalstar stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $30.57, for a total value of $805,030.38. Following the transaction, the vice president directly owned 320,244 shares of the company's stock, valued at $9,789,859.08. The trade was a 7.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 61.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of GSAT. Greenhouse Funds LLLP lifted its position in Globalstar by 11.6% during the 2nd quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company's stock worth $47,701,000 after acquiring an additional 209,825 shares in the last quarter. Senvest Management LLC lifted its position in Globalstar by 51.6% during the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company's stock worth $31,334,000 after acquiring an additional 452,624 shares in the last quarter. Geode Capital Management LLC lifted its position in Globalstar by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company's stock worth $30,019,000 after acquiring an additional 20,514 shares in the last quarter. American Century Companies Inc. lifted its position in Globalstar by 39.5% during the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company's stock worth $23,888,000 after acquiring an additional 287,163 shares in the last quarter. Finally, Broad Bay Capital Management LP acquired a new position in Globalstar during the 2nd quarter worth approximately $18,405,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Company Profile

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.