Globalstar (NYSEARCA:GSAT) Shares Down 6% – Here’s Why

Globalstar, Inc. (NYSEARCA:GSAT)’s stock price dropped 6% on Tuesday . The company traded as low as $64.26 and last traded at $64.93. Approximately 509,037 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 898,512 shares. The stock had previously closed at $69.05.

Globalstar Trading Down 7.6%

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The stock has a market capitalization of $8.10 billion, a PE ratio of -2,128.07 and a beta of 1.08. The business’s 50-day moving average is $54.95 and its two-hundred day moving average is $37.22.

Institutional Trading of Globalstar

Several hedge funds have recently modified their holdings of the business. American Century Companies Inc. grew its stake in shares of Globalstar by 403.6% during the 1st quarter. American Century Companies Inc. now owns 727,173 shares of the company’s stock worth $15,169,000 after purchasing an additional 582,776 shares during the period. Ieq Capital LLC acquired a new stake in shares of Globalstar in the first quarter valued at about $213,000. Cubist Systematic Strategies LLC purchased a new stake in Globalstar during the first quarter worth about $1,915,000. Long Focus Capital Management LLC acquired a new position in Globalstar during the first quarter worth about $7,718,000. Finally, Nuveen LLC acquired a new position in Globalstar during the first quarter worth about $2,611,000. 18.89% of the stock is owned by institutional investors and hedge funds.

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.