Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock price fell 6.2% during mid-day trading on Thursday . The company traded as low as $1.45 and last traded at $1.45. 97,416 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 27,010,458 shares. The stock had previously closed at $1.54.
A number of research firms have recently issued reports on GSAT. B. Riley began coverage on Globalstar in a report on Monday, June 21st. They issued a “buy” rating on the stock. Zacks Investment Research raised Globalstar from a “hold” rating to a “buy” rating and set a $1.75 target price on the stock in a report on Wednesday. Finally, TheStreet lowered Globalstar from a “c-” rating to a “d+” rating in a report on Monday, April 19th.
The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.87 and a current ratio of 0.98. The stock has a market capitalization of $2.60 billion, a P/E ratio of -29.80 and a beta of -0.05. The stock’s fifty day simple moving average is $0.34.
Several large investors have recently modified their holdings of GSAT. Mirabella Financial Services LLP purchased a new position in Globalstar during the first quarter worth about $25,000. Capula Management Ltd purchased a new position in Globalstar during the first quarter worth about $32,000. Stifel Financial Corp purchased a new position in Globalstar during the first quarter worth about $32,000. Alliancebernstein L.P. purchased a new position in Globalstar during the first quarter worth about $37,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Globalstar during the first quarter worth about $39,000. Institutional investors and hedge funds own 13.49% 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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