Globalstar (NYSEAMERICAN:GSAT) Shares Gap Up – What’s Next?

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.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Up 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’s 50-day moving average price is $1.25 and its 200 day moving average price is $1.24. The firm has a market cap of $4.47 billion, a P/E ratio of -76.00 and a beta of 0.88.

Hedge Funds Weigh In On Globalstar

Large investors have recently bought and sold shares of the stock. PFG Investments LLC raised its stake in shares of Globalstar by 83.3% in the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after buying an additional 10,000 shares in the last quarter. Inspire Investing LLC lifted its position in shares of Globalstar by 4.7% during the 3rd quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock valued at $414,000 after acquiring an additional 14,862 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Globalstar by 57.6% in the third quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company’s stock worth $68,000 after buying an additional 19,946 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Globalstar by 12.9% in the second quarter. Renaissance Technologies LLC now owns 176,629 shares of the company’s stock valued at $198,000 after purchasing an additional 20,200 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new stake in Globalstar during the 3rd quarter worth about $27,000. 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.