Globalstar (GSAT) stock Jumps 35% in a Week: Will The Rally Continue?
10:17 am Thursday, June 24th, 2021
A bullish note from analysts can do wonders to most stocks and that is what seemed to have happened with the Globalstar Inc (NYSEAMERICAN:GSAT) stock this week. The Globalstar Inc stock had been one of the notable gainers yesterday and the trend continued today as the stock spiked by another 23%.
The bullish trend in the stock has been sparked by a ‘buy’ rating for the Globalstar stock from Mike Crawford, an analyst at B. Riley. The research note had been published on Monday but it proved to be a prolonged positive trigger for the stock. Crawford set the target price for the stock at $3.25 a share, which indicates an upside of more than 100% from the time the note was published.
The rationale of the buy rating is rooted in the fact that Crawford believes that the company is now on the verge of finally monetizing its spectrum and satellite assets after having been a struggling firm for years. He added in his note that this could actually be an ‘excellent time’ when investors could consider snapping up the Globalstar stock.
The highly bullish note could keep the stock bubbling for quite some time. However, there is another factor that might also help the Globalstar stock in maintaining its momentum. It is the meme stock factor. In recent times, the Globalstar stock has been quite popular among people on the Reddit community WallStreetBets. It remains to be seen if the Globalstar stock can attract their attention in a big way in the coming days or not.
