Globalstar (NYSEARCA:GSAT) Reaches New 52-Week High – Here’s Why

Globalstar, Inc. (NYSEARCA:GSAT) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $71.28 and last traded at $70.1340, with a volume of 329904 shares. The stock had previously closed at $68.24.

Globalstar Price Performance

The firm has a market cap of $9.26 billion, a PE ratio of -2,433.67 and a beta of 1.08. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The firm has a 50-day simple moving average of $53.85 and a 200 day simple moving average of $36.24.

Institutional Trading of Globalstar

Hedge funds have recently made changes to their positions in the stock. Beck Mack & Oliver LLC bought a new position in Globalstar during the 1st quarter valued at approximately $24,578,000. American Century Companies Inc. increased its holdings in shares of Globalstar by 403.6% during the first quarter. American Century Companies Inc. now owns 727,173 shares of the company’s stock valued at $15,169,000 after acquiring an additional 582,776 shares in the last quarter. Long Focus Capital Management LLC purchased a new position in shares of Globalstar in the 1st quarter worth about $7,718,000. Nuveen LLC purchased a new position in shares of Globalstar in the 1st quarter worth about $2,611,000. Finally, Cubist Systematic Strategies LLC bought a new position in Globalstar in the 1st quarter worth about $1,915,000. 18.89% of the stock is 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.