Globalstar (NYSE:GSAT) Shares Gap Up - Time to Buy?

Globalstar, Inc. (NYSE:GSAT - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $1.38, but opened at $1.50. Globalstar shares last traded at $1.48, with a volume of 24,611,171 shares.

Analyst Upgrades and Downgrades

Separately, Craig Hallum upped their target price on shares of Globalstar from $4.00 to $5.00 and gave the stock a "buy" rating in a research report on Monday.

Globalstar Stock Performance

The business's 50-day moving average is $1.16. The company has a market capitalization of $3.46 billion, a P/E ratio of -60.67 and a beta of 0.88. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04.

Globalstar (NYSE:GSAT - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. The firm had revenue of $60.39 million during the quarter, compared to analysts' expectations of $57.49 million. Research analysts predict that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Activity at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the business's stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares in the company, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Rebecca Clary sold 75,000 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the transaction, the chief financial officer now directly owns 1,418,745 shares of the company's stock, valued at approximately $1,773,431.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy Evan Taylor sold 395,000 shares of the business's stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares of the company's stock, valued at $12,539,951.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GSAT. Ashford Capital Management Inc. grew its stake in Globalstar by 1,551.7% during the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company's stock valued at $10,331,000 after acquiring an additional 6,602,454 shares in the last quarter. Anson Funds Management LP boosted its holdings in shares of Globalstar by 38.8% in the 1st quarter. Anson Funds Management LP now owns 10,835,267 shares of the company's stock worth $15,928,000 after purchasing an additional 3,028,923 shares during the period. Vanguard Group Inc. raised its holdings in Globalstar by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company's stock valued at $107,654,000 after buying an additional 1,494,552 shares during the period. Wolf Hill Capital Management LP lifted its position in Globalstar by 57.3% in the first quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company's stock worth $5,153,000 after buying an additional 1,276,866 shares during the last quarter. Finally, Murchinson Ltd. purchased a new position in Globalstar during the first quarter worth $1,470,000. 18.89% of the stock is currently owned by institutional investors.

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.