Globalstar (NYSEAMERICAN:GSAT) Shares Gap Up – Time to Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.17, but opened at $2.22. Globalstar shares last traded at $2.08, with a volume of 7,977,959 shares traded.

Wall Street Analysts Forecast Growth

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

Globalstar Trading Down 4.6 %

The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. The stock has a market cap of $3.93 billion, a PE ratio of -69.00 and a beta of 0.88. The firm has a fifty day simple moving average of $1.25 and a two-hundred day simple moving average of $1.24.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. PFG Investments LLC grew its holdings in shares of Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after buying an additional 10,000 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Globalstar in the 3rd quarter valued at approximately $27,000. XTX Topco Ltd acquired a new position in shares of Globalstar in the 2nd quarter worth approximately $31,000. Panagora Asset Management Inc. purchased a new stake in Globalstar during the 2nd quarter worth approximately $35,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new position in Globalstar in the third quarter worth approximately $39,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.