Globalstar (NYSEAMERICAN:GSAT) Trading Up 3.3% – Time to Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares were up 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 traded 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 upped their target price on Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Globalstar Stock Up 3.3 %

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 has a 50 day simple moving average of $1.25 and a 200-day simple moving average of $1.24. The stock has a market cap of $4.18 billion, a P/E ratio of -73.33 and a beta of 0.88.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in Globalstar by 12.4% during the second 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. bought a new position in Globalstar during the second quarter worth $35,000. Principal Financial Group Inc. raised its position in shares of Globalstar by 10.7% in the 2nd quarter. Principal Financial Group Inc. now owns 460,659 shares of the company’s stock worth $516,000 after acquiring an additional 44,514 shares in the last quarter. Van ECK Associates Corp lifted its stake in Globalstar by 12.0% in the second 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. Finally, CIBC Asset Management Inc boosted its holdings in shares of Globalstar by 154.9% during the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock worth $60,000 after buying an additional 32,535 shares in the last quarter. 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.