Globalstar (NYSEAMERICAN:GSAT) Shares Gap Up – Here’s What Happened

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.29, but opened at $2.39. Globalstar shares last traded at $2.21, with a volume of 9,168,210 shares traded.

Analyst Upgrades and Downgrades

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

Globalstar Price Performance

The company’s 50-day simple moving average is $1.25 and its 200 day simple moving average is $1.24. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of -76.00 and a beta of 0.88.

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new stake in Globalstar during the third quarter valued at about $199,000. Thrivent Financial for Lutherans lifted its position in shares of Globalstar by 57.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after purchasing an additional 19,946 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new stake in Globalstar during the 3rd quarter valued at approximately $39,000. CWA Asset Management Group LLC acquired a new stake in Globalstar in the 3rd quarter valued at approximately $27,000. Finally, Van ECK Associates Corp increased its position in Globalstar by 34.2% in the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after buying an additional 115,359 shares during the period. 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.