Globalstar (NASDAQ:GSAT) Shares Down 9.9% - Here's Why

Key Points

• Globalstar's shares declined by 9.9%, closing at $33.27, following a drop from a previous closure of $36.91, with trading volume also down by 18%.
• Despite the recent decline, several analysts have maintained a positive outlook, with Zacks Research upgrading Globalstar to a "strong-buy" rating.
• Globalstar reported better-than-expected earnings of $0.13 per share for the last quarter, surpassing the consensus estimate of ($0.09).

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report)'s share price fell 9.9% during trading on Wednesday . The company traded as low as $32.62 and last traded at $33.27. 637,304 shares were traded during trading, a decline of 18% from the average session volume of 778,014 shares. The stock had previously closed at $36.91.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Zacks Research upgraded shares of Globalstar to a "strong-buy" rating in a report on Monday, August 11th. Wall Street Zen upgraded shares of Globalstar from a "sell" rating to a "hold" rating in a report on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Strong Buy".

Globalstar Stock Down 13.4%

The business's 50 day moving average price is $27.16. The firm has a market cap of $4.05 billion, a P/E ratio of -71.00 and a beta of 1.01. The company has a quick ratio of 2.72, a current ratio of 2.81 and a debt-to-equity ratio of 1.30.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.22. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. Globalstar has set its FY 2025 guidance at EPS.

Institutional Investors Weigh In On Globalstar

A number of hedge funds have recently added to or reduced their stakes in GSAT. Handelsbanken Fonder AB acquired a new position in Globalstar during the 2nd quarter worth $264,000. Geode Capital Management LLC increased its stake in shares of Globalstar by 1.6% during the second 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 during the period. Entropy Technologies LP acquired a new position in shares of Globalstar during the second quarter worth about $351,000. Inspire Advisors LLC purchased a new position in shares of Globalstar during the 2nd quarter worth approximately $221,000. Finally, Senvest Management LLC raised its stake in shares of 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 buying an additional 452,624 shares in the last quarter. 18.89% of the stock is currently 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.

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