Globalstar (GSAT) Stock Breaks Out On Heavy Volume: Will it Reach New Highs

Globalstar Inc. (NYSEMARKETS:GSAT) gained 23% after B. Riley analyst Mike Crawford gave the stock a Buy rating. In a research note, Crawford gave the stock a price target of $3.25, which is almost twice the share price at the time. Crawford said that Globalstar is at long last beginning to realize returns on its spectrum and satellite assets. The analysts said that this is year is the ideal time to snap up GSAT shares.

The positive investor note from Crawford will continue boosting GSAT’s shares price in the near term because the analyst said the company had moved through the high-risk part of its history and will now start generating returns. Equally, GSA is popular in Reddit/WallStreetBets forum, and the positive news about the stock could send shares even higher as investors on the forum are bullish about GSAT.

Investors have pushed GSAT stock up by 454% over the past year, and following the latest surge, it means they are optimistic about its future. In the coming months, GSAT is a stock to watch.

Market Reaction:

On Tuesday, GSAT stock went up 23.18% to $1.86 with more than 161.04 million shares, compared to  its average volume of 21.59 million shares. The stock has moved within a range of $1.4900 – 1.8800 after opening the trade at $1.59. Over the past 52-week, the stock has been trading within a range of $0.2900 – 2.9800.

Moving Averages

+/- EMA(20)1.37 (+35.77%)
+/- SMA(50)1.25 (+48.80%)
+/- SMA(200)0.91 (+104.40%)

Pivot Points

NameS3S2S1Pivot PointsR1R2R3

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