Globalstar (NYSEARCA:GSAT) Reaches New 12-Month High – Still a Buy?

Globalstar, Inc. (NYSEARCA:GSAT) shares hit a new 52-week high on Thursday . The stock traded as high as $66.99 and last traded at $67.4350, with a volume of 154233 shares trading hands. The stock had previously closed at $65.16.

Globalstar Stock Performance

The business has a 50-day moving average price of $49.92 and a 200-day moving average price of $34.22. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of -2,224.83 and a beta of 1.08.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently added to or reduced their stakes in GSAT. New Age Alpha Advisors LLC purchased a new stake in shares of Globalstar during the first quarter worth about $150,000. Ieq Capital LLC acquired a new stake in Globalstar in the 1st quarter worth approximately $213,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Globalstar during the 1st quarter worth approximately $1,332,000. Cubist Systematic Strategies LLC purchased a new stake in Globalstar during the 1st quarter worth approximately $1,915,000. Finally, Nuveen LLC acquired a new position in Globalstar during the 1st quarter valued at approximately $2,611,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.