Globalstar (NASDAQ:GSAT) Stock Price Up 6.6% - Here's What Happened

Key Points

• Globalstar's stock rose 6.6% during mid-day trading, reaching a high of $34.24, with a total of approximately 543,539 shares changing hands.
• Analysts have upgraded Globalstar's rating to a "strong-buy", reflecting increased confidence in the company's performance and recent earnings exceeding expectations.
• Insider activity showed significant selling, as CFO Rebecca Clary sold over 5,000 shares and VP Timothy Evan Taylor sold more than 26,000 shares, indicating a 4.74% and 7.60% decrease in their respective positions.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report)'s share price was up 6.6% during trading on Wednesday . The company traded as high as $34.24 and last traded at $34.20. Approximately 543,539 shares changed hands during trading, a decline of 32% from the average daily volume of 796,046 shares. The stock had previously closed at $32.09.

Analyst Ratings Changes

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

Globalstar Price Performance

The stock's fifty day moving average is $28.16. 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 net margin of 17.80% and a negative return on equity of 1.17%. Globalstar has set its FY 2025 guidance at EPS.

Insiders Place Their Bets

In related news, VP Timothy Evan Taylor sold 26,334 shares of Globalstar stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $30.57, for a total transaction of $805,030.38. Following the sale, the vice president directly owned 320,244 shares in the company, valued at $9,789,859.08. The trade was a 7.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rebecca Clary sold 5,359 shares of Globalstar stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $29.75, for a total transaction of $159,430.25. Following the sale, the chief financial officer owned 107,761 shares in the company, valued at approximately $3,205,889.75. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,026 shares of company stock valued at $1,815,543. 60.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently bought and sold shares of the business. Greenhouse Funds LLLP grew its stake in Globalstar by 11.6% during the 2nd quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company's stock valued at $47,701,000 after acquiring an additional 209,825 shares in the last quarter. Senvest Management LLC grew its stake in Globalstar by 51.6% during the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company's stock valued at $31,334,000 after acquiring an additional 452,624 shares in the last quarter. Geode Capital Management LLC grew its stake in Globalstar by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company's stock valued at $30,019,000 after acquiring an additional 20,514 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Globalstar by 39.5% during the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company's stock valued at $23,888,000 after buying an additional 287,163 shares during the last quarter. Finally, Broad Bay Capital Management LP acquired a new stake in shares of Globalstar during the 2nd quarter valued at about $18,405,000. Hedge funds and other institutional investors own 18.89% of the company's stock.

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.