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

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) shares 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 changing hands.

Analyst Ratings Changes

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

Globalstar Price Performance

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

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.13 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

In other Globalstar news, VP Timothy Evan Taylor sold 26,334 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $805,030.38. Following the transaction, the vice president owned 320,244 shares in the company, valued at $9,789,859.08. This trade represents a 7.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 61.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently modified their holdings of the business. MRP Capital Investments LLC bought a new stake in shares of Globalstar in the second quarter valued at approximately $64,000. Osaic Holdings Inc. boosted its stake in Globalstar by 640.4% during the second quarter. Osaic Holdings Inc. now owns 3,302 shares of the company's stock worth $78,000 after buying an additional 2,856 shares in the last quarter. State of Wyoming increased its holdings 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 period. Acadian Asset Management LLC acquired a new position in shares of Globalstar in the 1st quarter valued at $99,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Globalstar by 80.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company's stock valued at $123,000 after buying an additional 2,331 shares in the last quarter. 18.89% of the stock is owned by institutional investors.

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.