Why Globalstar Stock Soared 17% Today

Rich Smith, The Motley Fool
·2 min read
Why Globalstar Stock Soared 17% Today

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."

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