Globalstar (NASDAQ:GSAT) Shares Up 3.2% - Here's What Happened

Key Points

• Globalstar, Inc. (NASDAQ:GSAT) shares rose 3.2% during trading, reaching a high of $25.85 with an increased trading volume of approximately 904,484 shares.
• Analysts have upgraded Globalstar's stock, with Wall Street Zen moving it from a "sell" to a "hold" rating and Zacks Research giving it a "strong-buy" rating.
• The company reported earnings of $0.13 per share for the last quarter, surpassing analysts' expectations, despite having a negative return on equity and net margin.

Shares of Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) shot up 3.2% during trading on Thursday . The company traded as high as $25.85 and last traded at $25.71. 904,484 shares traded hands during trading, an increase of 37% from the average session volume of 661,373 shares. The stock had previously closed at $24.92.

Wall Street Analyst Weigh In

A number of research firms recently commented on GSAT. Wall Street Zen raised 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 report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Strong Buy".

Globalstar Price Performance

The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. The firm has a market cap of $3.57 billion, a P/E ratio of -62.67 and a beta of 0.87. The business has a 50-day moving average price of $25.68.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced its 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.

Hedge Funds Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cannell Capital LLC raised its position in Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company's stock worth $1,209,000 after acquiring an additional 580 shares during the last quarter. State of Wyoming raised its position in shares of Globalstar by 82.3% in the second 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 last quarter. BNP Paribas Financial Markets raised its position in shares of Globalstar by 80.9% in the second 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 during the last quarter. MRP Capital Investments LLC acquired a new position in shares of Globalstar in the second quarter valued at approximately $64,000. Finally, Magnus Financial Group LLC raised its position in shares of Globalstar by 1.7% in the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company's stock valued at $4,610,000 after buying an additional 3,333 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company's stock.

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.