Globalstar (NASDAQ:GSAT) Trading 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.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GSAT shares. Wall Street Zen raised Globalstar from a "sell" rating to a "hold" rating in a research note on Monday, June 23rd. Zacks Research raised Globalstar to a "strong-buy" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Strong Buy".

Globalstar Price Performance

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 $3.26 billion, a PE ratio of -57.13 and a beta of 0.87. The business's 50 day moving average price is $25.34.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. MRP Capital Investments LLC acquired a new position in shares of Globalstar during the second quarter worth about $64,000. State of Wyoming boosted its position in shares of Globalstar by 82.3% during the second quarter. State of Wyoming now owns 3,963 shares of the company's stock worth $93,000 after buying an additional 1,789 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Globalstar during the first quarter worth about $99,000. BNP Paribas Financial Markets raised its holdings in Globalstar by 80.9% during the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company's stock worth $123,000 after acquiring an additional 2,331 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Globalstar by 394.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,745 shares of the company's stock valued at $159,000 after purchasing an additional 5,382 shares in the last quarter. 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.

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