Globalstar (NYSEAMERICAN:GSAT) Trading 3.3% Higher – Here’s What Happened

Globalstar, Inc. (NYSEAMERICAN:GSAT) rose 3.3% during trading on Friday . The stock traded as high as $2.23 and last traded at $2.20. Approximately 16,637,037 shares changed hands during trading, an increase of 105% from the average daily volume of 8,111,224 shares. The stock had previously closed at $2.13.

Analysts Set New Price Targets

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

Globalstar Price Performance

The firm has a market capitalization of $4.09 billion, a P/E ratio of -71.67 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. The stock’s 50 day simple moving average is $1.25 and its 200 day simple moving average is $1.24.

Hedge Funds Weigh In On Globalstar

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