Globalstar (NYSEAMERICAN:GSAT) Trading Up 3.3% – What’s Next?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares shot up 3.3% during trading on Friday . The stock traded as high as $2.23 and last traded at $2.20. 16,637,037 shares changed hands during mid-day trading, an increase of 105% from the average session volume of 8,111,224 shares. The stock had previously closed at $2.13.

Analyst Upgrades and Downgrades

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

Globalstar Stock Performance

The firm has a 50-day moving average of $1.25 and a 200 day moving average of $1.24. The stock has a market capitalization of $4.18 billion, a P/E ratio of -73.33 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after purchasing an additional 307,357 shares in the last quarter. Magnus Financial Group LLC raised its holdings in shares of Globalstar by 1.9% during the second quarter. Magnus Financial Group LLC now owns 2,707,796 shares of the company’s stock worth $3,033,000 after acquiring an additional 50,000 shares during the period. Murchinson Ltd. lifted its position in Globalstar by 24.6% in the 2nd quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock valued at $1,396,000 after acquiring an additional 245,999 shares in the last quarter. Rhumbline Advisers boosted its stake in Globalstar by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 1,021,836 shares of the company’s stock worth $1,144,000 after purchasing an additional 28,496 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in Globalstar by 13.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company’s stock worth $607,000 after purchasing an additional 59,954 shares in the last quarter. 18.89% of the stock is owned by institutional investors.

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.