Globalstar (NYSEAMERICAN:GSAT) Shares Gap Down to $1.75

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.

Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Thursday, August 5th. The Wireless communications provider reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Globalstar had a negative return on equity of 22.14% and a negative net margin of 77.20%. The company had revenue of $30.28 million for the quarter, compared to analysts’ expectations of $27.36 million. On average, sell-side analysts predict that Globalstar, Inc. will post -0.06 earnings per share for the current fiscal year.

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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