Globalstar (NYSEAMERICAN:GSAT) Stock Price Up 7.1% – Here’s What Happened

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

Analyst Upgrades and Downgrades

Separately, Craig Hallum upped their target price on shares of 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 company has a fifty day moving average of $1.25 and a 200-day moving average of $1.24. The stock has a market cap of $4.20 billion, a PE ratio of -73.67 and a beta of 0.88. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94.

Institutional Trading of Globalstar

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in shares of 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 buying an additional 307,357 shares during the last quarter. Panagora Asset Management Inc. acquired a new position in Globalstar in the second quarter valued at $35,000. Principal Financial Group Inc. grew its holdings in shares of Globalstar by 10.7% during the second 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. Van ECK Associates Corp lifted 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 purchasing an additional 36,192 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of Globalstar by 154.9% in the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after purchasing an additional 32,535 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.