Globalstar (NYSEAMERICAN:GSAT) shares are rising higher on Monday after an analyst initiated coverage of the stock with an incredibly bullish stance.
B. Riley analyst Mike Crawford is behind the positive movement for GSAT stock today. He started off coverage of the stock with a buy rating. That has him opposite of the only other analyst covering the stock with their sell rating. This means the consensus rating for the stock is hold.
In addition to that bullish buy rating, Crawford also includes a price target of $3.25 per share for GSAT stock. That is well above the consensus price target of 55 cents per share for the stock. It’s also a massive 152% upside for the stock over its closing price of $1.29 per share when markets closed on Friday.
So what has this B. Riley analyst taking such a bullish stance on GSAT stock. It all has to do with the company’s future potential.
According to Crawford, Globalstar is finally getting to a point where it will start reporting returns. He believes that this makes it a great time to jump into the stock before the market figures this out, reports TheFly.com.
Investors seem to agree as GSAT is seeing heavy trading today. As of this writing, more than 114 million shares of the stock have changed hands. That’s a massive jump over its daily average trading volume of about 19.3 million shares.
GSAT stock was up 19.8% as of Monday afternoon and is up 352.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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