Globalstar (NASDAQ:GSAT) Shares Gap Up After Strong Earnings
Globalstar (NASDAQ:GSAT) shares surged after the company reported better-than-expected quarterly earnings, with EPS of $0.13, surpassing estimates. The stock opened at $27.39, up from a previous close of $25.18, and last traded at $29.60. Insider trading saw Director James Monroe III acquire 50,000 shares. Institutional investors have increased their stakes, with Penserra Capital Management boosting its position by 320.9%. Globalstar has a market cap of $3.75 billion and offers mobile satellite services globally.
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.18, but opened at $27.39. Globalstar shares last traded at $29.60, with a volume of 482,463 shares changing hands.
The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.22. Globalstar had a negative return on equity of 8.96% and a negative net margin of 29.65%.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen raised shares of Globalstar from a "sell" rating to a "hold" rating in a research note on Monday, June 23rd.
Read Our Latest Stock Report on GSAT
Insider Activity at Globalstar
In other Globalstar news, Director James Monroe III acquired 50,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $18.68 per share, for a total transaction of $934,000.00. Following the completion of the transaction, the director owned 58,833,076 shares of the company's stock, valued at approximately $1,099,001,859.68. The trade was a 0.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 61.00% of the company's stock.
Hedge Funds Weigh In On Globalstar
Several large investors have recently modified their holdings of GSAT. Penserra Capital Management LLC increased its position in shares of Globalstar by 320.9% during the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company's stock worth $11,456,000 after purchasing an additional 370,943 shares during the last quarter. Nordea Investment Management AB purchased a new stake in shares of Globalstar in the 2nd quarter valued at approximately $3,037,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Globalstar by 124.0% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company's stock valued at $3,369,000 after acquiring an additional 79,185 shares during the period. Palogic Value Management L.P. acquired a new position in shares of Globalstar in the 2nd quarter worth approximately $1,178,000. Finally, Geode Capital Management LLC boosted its position in shares of Globalstar by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company's stock worth $30,019,000 after purchasing an additional 20,514 shares during the period. Institutional investors and hedge funds own 18.89% of the company's stock.
Globalstar Stock Performance
The company has a current ratio of 2.27, a quick ratio of 2.19 and a debt-to-equity ratio of 1.37. The company has a 50-day moving average of $24.02. The company has a market capitalization of $3.75 billion, a PE ratio of -40.54 and a beta of 0.87.
Globalstar Company Profile
(Get Free Report)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.
Featured Articles
- Five stocks we like better than Globalstar
- Insider Trading - What You Need to Know
- Why Axon's 16% Surge Signals a New Era in Public Safety Tech
- The Risks of Owning Bonds
- DraftKings Posts Record Quarter, Eyes Profitability
- What Are Dividend Champions? How to Invest in the Champions
- Amazon Takes an Equity Stake in IonQ—Any Upside Potential?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Globalstar Right Now?
Before you consider Globalstar, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Globalstar wasn't on the list.
While Globalstar currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
