Globalstar (NYSEAMERICAN:GSAT) Trading 15.2% Higher – What’s Next?

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) traded up 15.2% during trading on Tuesday . The company traded as high as $2.56 and last traded at $2.43. 30,098,785 shares were traded during trading, an increase of 307% from the average session volume of 7,387,387 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

Separately, Craig Hallum boosted their target price on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, November 4th.

Globalstar Stock Performance

The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of -74.00 and a beta of 0.88. The firm’s 50 day moving average price is $1.25 and its 200-day moving average price is $1.24.

Institutional Trading of Globalstar

Several hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC acquired a new position in Globalstar during the third quarter worth $199,000. Thrivent Financial for Lutherans boosted its position in Globalstar by 57.6% during the third quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock valued at $68,000 after purchasing an additional 19,946 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new position in Globalstar in the third quarter valued at approximately $39,000. CWA Asset Management Group LLC acquired a new position in Globalstar during the third quarter worth $27,000. Finally, Van ECK Associates Corp raised its position in Globalstar by 34.2% during the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after acquiring an additional 115,359 shares in the last quarter. 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.