Globalstar (NYSEAMERICAN:GSAT) Stock Price Up 3.3% - What's Next?

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares experienced a notable increase of 3.3% in trading on Friday. The stock reached a high of $2.23 before closing at $2.20. During the midday session, approximately 16,637,037 shares changed hands, which represents a significant increase of 105% compared to the average trading volume of 8,111,224 shares. The stock had closed at $2.13 prior to this surge.

Analyst Upgrades and Downgrades

In recent research reports, analysts have shown greater optimism for Globalstar. Notably, Craig Hallum raised their price target for the company from $4.00 to $5.00, reaffirming a "buy" rating on November 4th.

Globalstar Stock Performance

Globalstar's stock has shown some volatility. It boasts a 50-day moving average of $1.25 and a 200-day moving average of $1.24. The company has a market capitalization of $4.18 billion, a negative P/E ratio of -73.33, and a beta of 0.88. In terms of liquidity, Globalstar holds a quick ratio of 0.95 and a current ratio of 1.04, with a debt-to-equity ratio of 0.94.

Hedge Funds Weigh In On Globalstar

Institutional investors, including hedge funds, have been adjusting their positions in Globalstar. For example, Bank of New York Mellon Corp increased its stake by 12.4% during the second quarter, owning 2,791,176 shares valued at approximately $3,126,000 after acquiring an additional 307,357 shares. Similarly, Magnus Financial Group LLC grew its holdings by 1.9%, now owning 2,707,796 shares worth $3,033,000, and Murchinson Ltd. boosted its position by 24.6%, owning 1,245,999 shares valued at $1,396,000 after a recent acquisition. Other firms, including Rhumbline Advisers and Harbor Capital Advisors, also raised their stakes in the company.

Globalstar Company Profile

Globalstar, Inc. provides mobile satellite services across various regions, including the United States, Canada, Europe, Central and South America. The company specializes in duplex two-way voice and data products, offering services that cater to remote business continuity, recreational use, safety applications, emergency preparedness, and other areas.

What Investors Should Consider

Although Globalstar is currently rated as a "Buy" by analysts, it's noteworthy that many top-rated analysts have identified other stocks they believe present better investment opportunities. Before making any new investments, interested parties may want to consider these insights.

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