Globalstar (NYSEAMERICAN:GSAT) Trading Up 8.2% – Should You Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares traded up 8.2% during trading on Wednesday . The stock traded as high as $2.07 and last traded at $2.06. 9,859,071 shares changed 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.

Analysts Set New Price Targets

Separately, Craig Hallum increased their price objective on shares of 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 2.6 %

The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The business’s 50 day moving average is $1.25 and its 200-day moving average is $1.24. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of -61.67 and a beta of 0.88.

Hedge Funds Weigh In On Globalstar

Large investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its stake in Globalstar by 33.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 198,776 shares of the company’s stock valued at $223,000 after buying an additional 49,951 shares during the period. Bank of New York Mellon Corp boosted its position 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 worth $3,126,000 after purchasing an additional 307,357 shares during the period. Panagora Asset Management Inc. acquired a new stake in Globalstar in the second quarter valued at approximately $35,000. Principal Financial Group Inc. increased its holdings 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 purchasing an additional 44,514 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of 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 buying an additional 36,192 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

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.