Globalstar (NYSEAMERICAN:GSAT) Shares Gap Up – Here’s Why

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $2.17, but opened at $2.22. Globalstar shares last traded at $2.08, with a volume of 7,977,959 shares changing hands.

Analyst Ratings Changes

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

Globalstar Price Performance

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 company has a fifty day moving average price of $1.25 and a two-hundred day moving average price of $1.24. The company has a market cap of $3.97 billion, a P/E ratio of -69.67 and a beta of 0.88.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in shares of 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 acquiring an additional 307,357 shares during the period. SG Americas Securities LLC boosted its stake in Globalstar by 1,405.0% in the 3rd quarter. SG Americas Securities LLC now owns 276,825 shares of the company’s stock valued at $343,000 after purchasing an additional 258,431 shares during the period. Murchinson Ltd. grew its holdings in Globalstar by 24.6% in the 2nd quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock valued at $1,396,000 after buying an additional 245,999 shares in the last quarter. Intech Investment Management LLC bought a new position in Globalstar during the 3rd quarter worth $199,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Globalstar by 34.2% during the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after buying an additional 115,359 shares in the last quarter. 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.