Shares of Globalstar, Inc. (NYSEMKT: GSAT) spiked again today after the company's stock received a buy rating from B. Riley analyst Mike Crawford yesterday. Crawford published his research note yesterday, putting a $3.25 price target on the stock -- more than double its share price at the time -- and said that the company is "at long last starting to realize a return" on its satellite and spectrum assets. Crawford went on to say that this year is an "excellent time" to snatch up the company's shares.
Investors need to pay close attention to Globalstar (GSAT) stock based on the movements in the options market lately.
Shares of Globalstar (NYSEMKT: GSAT) were up 17.8% through 10:35 a.m. EDT on Monday, and it's not hard to figure out why. This morning, investment bank B. Riley (NASDAQ: RILY) initiated coverage of Globalstar with a buy rating and a target price of $3.25 on the stock, currently at $1.50 or so -- a clean double, plus a little bit more. According to Riley, "Globalstar and its sponsors, after years of development, support, and patience, are at long last starting to realize a return on satellite system and spectrum assets, making 2021 an excellent time, in our opinion, to buy GSAT."