Globalstar (NYSE:GSAT) Shares Up 4.2%

Globalstar, Inc. (NYSE:GSAT)’s share price shot up 4.2% during trading on Thursday . The stock traded as high as $1.11 and last traded at $1.11. 2,203,833 shares changed hands during trading, a decline of 27% from the average session volume of 3,001,960 shares. The stock had previously closed at $1.06.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Globalstar from a “hold” rating to a “sell” rating in a research report on Thursday, February 29th.

Globalstar Trading Up 4.7 %

The company has a 50-day simple moving average of $1.09 and a 200-day simple moving average of $1.22. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00. The stock has a market cap of $2.11 billion, a P/E ratio of -55.50 and a beta of 0.82.

Globalstar (NYSE:GSAT) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. The firm had revenue of $56.48 million during the quarter, compared to the consensus estimate of $52.92 million. On average, sell-side analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Second Line Capital LLC acquired a new stake in shares of Globalstar in the 1st quarter valued at $34,000. Murchinson Ltd. acquired a new stake in shares of Globalstar in the 1st quarter valued at $1,470,000. Ashford Capital Management Inc. grew its stake in shares of Globalstar by 1,551.7% during the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock worth $10,331,000 after purchasing an additional 6,602,454 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Globalstar by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock worth $1,026,000 after purchasing an additional 55,368 shares during the period. Finally, Wolf Hill Capital Management LP grew its stake in shares of Globalstar by 57.3% during the first quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock worth $5,153,000 after purchasing an additional 1,276,866 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

About Globalstar

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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.