Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $1.75, but opened at $1.70. Globalstar shares last traded at $1.79, with a volume of 173,578 shares changing hands.
A number of research firms have commented on GSAT. TheStreet raised shares of Globalstar from a “d+” rating to a “c-” rating in a report on Monday, August 30th. B. Riley started coverage on Globalstar in a report on Monday, June 21st. They set a “buy” rating for the company. Finally, Zacks Investment Research upgraded Globalstar from a “hold” rating to a “buy” rating and set a $1.50 price target for the company in a report on Friday, August 20th.
The firm’s fifty day moving average is $0.34. The firm has a market capitalization of $3.38 billion, a P/E ratio of -36.40 and a beta of 0.02. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.19 and a quick ratio of 0.99.
Hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. raised its holdings in shares of Globalstar by 108.4% in the first quarter. Victory Capital Management Inc. now owns 215,736 shares of the Wireless communications provider’s stock worth $291,000 after buying an additional 112,198 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Globalstar by 59.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 42,463 shares of the Wireless communications provider’s stock valued at $57,000 after acquiring an additional 15,750 shares during the period. Alliancebernstein L.P. acquired a new position in Globalstar during the 1st quarter worth approximately $37,000. Brighton Jones LLC lifted its position in shares of Globalstar by 24.9% during the 1st quarter. Brighton Jones LLC now owns 128,000 shares of the Wireless communications provider’s stock worth $173,000 after buying an additional 25,500 shares during the last quarter. Finally, Spire Wealth Management purchased a new position in Globalstar during the 1st quarter worth $41,000. Institutional investors and hedge funds own 17.06% of the company’s stock.
About Globalstar (NYSEAMERICAN:GSAT)
Globalstar, Inc engages in the provision of mobile satellite services. It offers voice and data communications services to following markets: recreation and personal; government; public safety and disaster relief; oil and gas; maritime and fishing; natural resources, mining, and forestry; construction; utilities; and transportation.
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