Globalstar (NYSEAMERICAN:GSAT) Trading 7.1% Higher – Should You Buy?

Globalstar, Inc. (NYSEAMERICAN:GSAT) was up 7.1% during trading on Friday . The stock traded as high as $2.28 and last traded at $2.27. Approximately 6,079,092 shares changed 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.

Analysts Set New Price Targets

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

Globalstar Trading Up 4.2 %

The firm has a fifty day moving average of $1.25 and a 200-day moving average of $1.24. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -73.67 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.

Institutional Trading of Globalstar

A number of hedge funds have recently made changes to their positions in GSAT. Intech Investment Management LLC acquired a new stake in shares of Globalstar during the third quarter valued at about $199,000. Thrivent Financial for Lutherans grew its stake in Globalstar by 57.6% during the 3rd 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 in the last quarter. Tokio Marine Asset Management Co. Ltd. purchased a new stake in Globalstar during the 3rd quarter worth approximately $39,000. CWA Asset Management Group LLC acquired a new position in shares of Globalstar in the 3rd quarter valued at approximately $27,000. Finally, Van ECK Associates Corp boosted its stake in shares of Globalstar by 34.2% during the 3rd quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock valued at $561,000 after buying an additional 115,359 shares during the last quarter. Hedge funds and other institutional investors 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.