- The stock price of Globalstar, Inc. (NYSEAMERICAN: GSAT) fell 16.13% as it went from a previous close of $1.24 to $1.04 on Friday January 22. This is why it happened.
The stock price of Globalstar, Inc. (NYSEAMERICAN: GSAT) fell 16.13% as it went from a previous close of $1.24 to $1.04 on Friday January 22. Investors are responding to Morgan Stanley analyst Simon Flannery downgrading the rating of the stock from “Equal Weight” to “Underweight” and assigning a price target of $0.55 on the company’s shares. This imputes a 47.11% downside price on the shares.
Earlier this month, Globalstar saw an uptick in its stock price after the company announced that business partner Nokia entered into an agreement with Tideworks Technology to deploy Globalstar’s Band 53 spectrum at the Port of Seattle, Terminal 5. And this deployment marks the second collaboration between Globalstar and Nokia at a United States Port.
Over the last six months, the stock price of Globalstar increased 173.68%. And Flannery believes that investors are valuing the spectrum assets at $2.2 billion, but believes that Globalstar may have a harder time monetizing the assets, according to Fool.
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