Globalstar (NYSEAMERICAN:GSAT) Stock Price Up 7.1% – Time to Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price rose 7.1% during trading on Friday . The stock traded as high as $2.28 and last traded at $2.27. Approximately 6,079,092 shares traded hands during trading, a decline of 34% from the average daily volume of 9,206,428 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

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

Globalstar Trading Up 3.8 %

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

Institutional Trading of Globalstar

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its stake in Globalstar by 12.4% during the second 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 during the period. Principal Financial Group Inc. raised its position in shares of Globalstar by 10.7% in 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 during the period. Van ECK Associates Corp boosted its holdings in Globalstar by 12.0% in the second 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 during the last quarter. CIBC Asset Management Inc grew its position in Globalstar by 154.9% during the second quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after acquiring an additional 32,535 shares during the period. Finally, Rhumbline Advisers increased its stake in Globalstar by 2.9% during the second quarter. Rhumbline Advisers now owns 1,021,836 shares of the company’s stock worth $1,144,000 after acquiring an additional 28,496 shares during the last quarter. 18.89% of the stock is owned by institutional investors and hedge funds.

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.