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 research note published on Monday.

Globalstar Trading Up 8.0 %

NYSE GSAT opened at $1.89 on Monday. 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 firm has a market cap of $3.58 billion, a PE ratio of -63.00 and a beta of 0.88. Globalstar has a 52 week low of $1.00 and a 52 week high of $2.13.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. Charles Schwab Investment Management Inc. grew its holdings in shares of Globalstar by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares during the period. FMR LLC lifted its position in 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 buying an additional 1,102,776 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock worth $407,000 after buying an additional 68,599 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after acquiring an additional 117,864 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Globalstar in the 3rd quarter worth approximately $56,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.