Globalstar (NYSEAMERICAN:GSAT) Shares Gap Up – Still a Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock 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 changing hands.

Analyst Ratings Changes

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

Globalstar Stock Down 3.7 %

The stock has a 50-day moving average of $1.25 and a 200 day moving average of $1.24. The company has a market capitalization of $3.97 billion, a PE ratio of -69.67 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

Several institutional investors have recently added to or reduced their stakes in the stock. PFG Investments LLC raised its stake in shares of Globalstar by 83.3% in 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 period. CWA Asset Management Group LLC bought a new stake in Globalstar in the 3rd quarter valued at about $27,000. XTX Topco Ltd bought a new position in Globalstar during the second quarter worth about $31,000. Panagora Asset Management Inc. purchased a new position in shares of Globalstar in the second quarter worth about $35,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Globalstar during the 3rd quarter valued at approximately $39,000. Institutional investors 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.