Globalstar (NASDAQ:GSAT) Shares Gap Up - Here's Why

Key Points

• Globalstar's share price gapped up from $31.23 to $32.82 prior to trading and last traded at $36.31 with significant volume.
• Research firms have upgraded Globalstar's stock ratings, with analysts giving it an average "Strong Buy" rating.
• The company reported earnings of $0.13 per share, exceeding analysts' estimates by $0.22, despite having a negative net margin of 17.80%.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report)'s share 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 trading hands.

Wall Street Analyst Weigh In

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

Globalstar Price Performance

The business has a fifty day moving average price of $26.60. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -81.56 and a beta of 1.00. 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 - Get Free Report) last announced 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 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

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB purchased a new stake in Globalstar during the second quarter valued at $264,000. Geode Capital Management LLC increased its stake in 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 purchasing an additional 20,514 shares during the period. Entropy Technologies LP acquired a new position in Globalstar in the second quarter valued at approximately $351,000. Inspire Advisors LLC acquired a new stake in shares of Globalstar in the second quarter valued at approximately $221,000. Finally, Senvest Management LLC raised its position in Globalstar by 51.6% in the second 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. 18.89% of the stock is owned by institutional investors.

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.

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