Why Globalstar Is Trading Higher Again Today

Globalstar Inc GSAT is trading significantly higher yet again Tuesday after B. Riley initiated coverage on the satellite communications company and announced a price target well above its current level.

What Happened: On Monday, B. Riley Securities analyst Mike Crawford initiated coverage on Globalstar with a Buy rating and announced a price target of $3.25. 

Globalstar is starting to realize a return on satellite systems and spectrum assets, "making 2021 an excellent time, in our opinion, to buy GSAT," Crawford said in a note.

Globalstar is a provider of satellite solutions for business and individuals. The telecommunications company focuses on mobile satellite services.

Price Action: Globalstar has traded as high as $2.98 and as low as 29 cents over a 52-week period.

At last check Tuesday, the stock was up 16.10% at $1.76.