Globalstar (NASDAQ:GSAT) Shares Gap Up After Strong Earnings

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.18, but opened at $27.39. Globalstar shares last traded at $29.60, with a volume of 482,463 shares changing hands.The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.22. Globalstar had a negative return on equity of 8.96% and a negative net margin of 29.65%. Wall Street Analysts Forecast GrowthSeparately, Wall Street Zen raised shares of Globalstar from a "sell" rating to a "hold" rating in a research note on Monday, June 23rd.Read Our Latest Stock Report on GSATInsider Activity at GlobalstarIn other Globalstar news, Director James Monroe III acquired 50,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $18.68 per share, for a total transaction of $934,000.00. Following the completion of the transaction, the director owned 58,833,076 shares of the company's stock, valued at approximately $1,099,001,859.68. The trade was a 0.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 61.00% of the company's stock. Hedge Funds Weigh In On GlobalstarSeveral large investors have recently modified their holdings of GSAT. Penserra Capital Management LLC increased its position in shares of Globalstar by 320.9% during the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company's stock worth $11,456,000 after purchasing an additional 370,943 shares during the last quarter. Nordea Investment Management AB purchased a new stake in shares of Globalstar in the 2nd quarter valued at approximately $3,037,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Globalstar by 124.0% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company's stock valued at $3,369,000 after acquiring an additional 79,185 shares during the period. Palogic Value Management L.P. acquired a new position in shares of Globalstar in the 2nd quarter worth approximately $1,178,000. Finally, Geode Capital Management LLC boosted its position in shares of Globalstar by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company's stock worth $30,019,000 after purchasing an additional 20,514 shares during the period. Institutional investors and hedge funds own 18.89% of the company's stock. Globalstar Stock PerformanceThe company has a current ratio of 2.27, a quick ratio of 2.19 and a debt-to-equity ratio of 1.37. The company has a 50-day moving average of $24.02. The company has a market capitalization of $3.75 billion, a PE ratio of -40.54 and a beta of 0.87. Globalstar Company Profile (Get Free Report)Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.Featured ArticlesFive stocks we like better than GlobalstarInsider Trading - What You Need to KnowWhy Axon's 16% Surge Signals a New Era in Public Safety TechThe Risks of Owning BondsDraftKings Posts Record Quarter, Eyes ProfitabilityWhat Are Dividend Champions? How to Invest in the ChampionsAmazon Takes an Equity Stake in IonQ—Any Upside Potential?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Globalstar Right Now?Before you consider Globalstar, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Globalstar wasn't on the list.While Globalstar currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here