Globalstar (NYSEAMERICAN:GSAT) Stock Price Up 8.2% – Here’s What Happened

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) traded up 8.2% during mid-day trading on Wednesday . The company traded as high as $2.07 and last traded at $2.06. 9,859,071 shares traded hands during trading, an increase of 24% from the average session volume of 7,932,971 shares. The stock had previously closed at $1.90.

Analyst Ratings Changes

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

Globalstar Trading Down 2.6 %

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 firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of -61.67 and a beta of 0.88. The business has a 50-day moving average of $1.25 and a two-hundred day moving average of $1.24.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently made changes to their positions in GSAT. Wealth Enhancement Advisory Services LLC grew its stake in Globalstar by 33.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 198,776 shares of the company’s stock worth $223,000 after buying an additional 49,951 shares during the last quarter. Bank of New York Mellon Corp increased its holdings 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 valued at $3,126,000 after purchasing an additional 307,357 shares in the last quarter. Panagora Asset Management Inc. acquired a new position in Globalstar in the second quarter worth $35,000. Principal Financial Group Inc. lifted its position in Globalstar by 10.7% during the 2nd quarter. Principal Financial Group Inc. now owns 460,659 shares of the company’s stock worth $516,000 after buying an additional 44,514 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in Globalstar by 12.0% in the 2nd quarter. Van ECK Associates Corp now owns 336,908 shares of the company’s stock valued at $377,000 after acquiring an additional 36,192 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.