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Globalstar (NYSEAMERICAN:GSAT) Shares Up 7.1% - Here's Why

Globalstar logo with Computer and Technology background

Globalstar, Inc. (NYSEAMERICAN:GSAT - Get Free Report)'s share price rose 7.1% on Friday . The stock traded as high as $2.28 and last traded at $2.27. Approximately 6,079,092 shares were traded 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.

Wall Street Analyst Weigh In

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.

Get Our Latest Stock Analysis on Globalstar

Globalstar Trading Up 3.8 %

The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The company's 50 day simple moving average is $1.25 and its two-hundred day simple moving average is $1.24. The company has a market cap of $4.18 billion, a PE ratio of -73.33 and a beta of 0.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc increased 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 during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Globalstar by 12.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company's stock valued at $3,126,000 after acquiring an additional 307,357 shares during the last quarter. Inspire Investing LLC increased its stake in Globalstar by 28.2% during the second quarter. Inspire Investing LLC now owns 318,617 shares of the company's stock valued at $357,000 after purchasing an additional 70,179 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Globalstar by 57.6% during the third quarter. Thrivent Financial for Lutherans now owns 54,561 shares of the company's stock worth $68,000 after acquiring an additional 19,946 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Globalstar by 24.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company's stock worth $307,000 after purchasing an additional 48,566 shares during the period. Institutional investors and hedge funds own 18.89% of the company's stock.

Globalstar Company Profile

(Get Free Report)

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.

Further Reading

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