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

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $58.37 and last traded at $59.1780, with a volume of 554065 shares changing hands. The stock had previously closed at $50.48.

Globalstar Stock Up 16.9%

The business has a fifty day moving average price of $40.00 and a two-hundred day moving average price of $29.11. The firm has a market cap of $7.48 billion, a PE ratio of -1,980.37 and a beta of 1.00. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Institutional Trading of Globalstar

A number of institutional investors have recently bought and sold shares of the company. IFP Advisors Inc increased its position in Globalstar by 59,255.6% in the 1st quarter. IFP Advisors Inc now owns 5,342 shares of the company’s stock worth $111,000 after purchasing an additional 5,333 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Globalstar during the first quarter valued at approximately $150,000. Ieq Capital LLC acquired a new stake in shares of Globalstar in the 1st quarter valued at $213,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Globalstar during the first quarter worth $1,332,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Globalstar during the 1st quarter worth about $1,915,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.