Globalstar (NYSE:GSAT) Upgraded to “Hold” at StockNews.com

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

Globalstar Trading Up 8.0 %

Shares of NYSE GSAT opened at $1.89 on Monday. Globalstar has a 52 week low of $1.00 and a 52 week 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 stock has a market capitalization of $3.58 billion, a P/E ratio of -63.00 and a beta of 0.88.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GSAT. Charles Schwab Investment Management Inc. grew its stake 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 acquiring an additional 196,644 shares during the last quarter. FMR LLC grew its position in shares of Globalstar by 32.7% in the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Globalstar by 26.4% during the 3rd 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Globalstar by 1,000.5% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock worth $161,000 after purchasing an additional 117,864 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Globalstar in the 3rd quarter valued at approximately $56,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.