Why Globalstar's Stock Surged 17% Today

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Shares of Globalstar GSAT traded up more than 17% on Monday after B. Riley initiated coverage with a Buy rating with a price target of $3.25.

Globalstar operates a low-Earth orbit satellite constellation network. The satellites are used for phone communications and low-speed data communications.

If shares do hit B. Riley's price target, investors who get in today will be able to collect more than 100% gain. The 52-week high for the stock is $2.98 a share, with a 52-week low of $0.29 a share.

"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," according to Riley analyst Mike Crawford.

Globalstar's stock is up more than 300% throughout the last six months, as demand for mobile data has increased. The company has had impressive growth numbers, and the stock looks to be a good value.

Shares closed up 17% at $1.51.

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