Globalstar (NYSEMKT:GSAT) Trading Up 7.3%

Globalstar, Inc. (NYSEMKT:GSAT)’s share price shot up 7.3% during mid-day trading on Thursday . The stock traded as high as $1.48 and last traded at $1.47. 4,922,320 shares were traded during mid-day trading, an increase of 63% from the average session volume of 3,026,324 shares. The stock had previously closed at $1.37.

Globalstar Price Performance

The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 0.97. The stock’s 50-day moving average price is $1.55 and its 200 day moving average price is $1.53. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -147.00 and a beta of 0.84.

Institutional Trading of Globalstar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. Thrivent Financial for Lutherans bought a new stake in Globalstar in the second quarter valued at $25,000. Royal Bank of Canada increased its position in shares of Globalstar by 623.4% during the 3rd quarter. Royal Bank of Canada now owns 27,874 shares of the company’s stock worth $44,000 after purchasing an additional 24,021 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of Globalstar during the 2nd quarter worth about $40,000. Neuberger Berman Group LLC bought a new position in Globalstar during the 3rd quarter valued at about $73,000. Finally, First Republic Investment Management Inc. acquired a new position in Globalstar in the fourth quarter valued at about $66,000. Institutional investors own 17.15% of the company’s stock.

Globalstar Company Profile

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.