Globalstar (NYSE:GSAT) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Globalstar (NYSE:GSAT) from a sell rating to a hold rating in a report released on Monday morning.

Globalstar Trading Up 8.0 %

Shares of NYSE:GSAT opened at $1.89 on Monday. Globalstar has a 1-year low of $1.00 and a 1-year high of $2.13. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm has a market cap of $3.58 billion, a P/E ratio of -63.00 and a beta of 0.88.

Institutional Trading of Globalstar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of Globalstar in the 3rd quarter valued at approximately $56,000. BNP Paribas Financial Markets lifted its holdings in shares of Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after purchasing an additional 68,599 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in Globalstar by 1,000.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after buying an additional 117,864 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after buying an additional 196,644 shares during the last quarter. Finally, FMR LLC increased its stake in Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after buying an additional 1,102,776 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.