Penny Stocks On Reddit To Watch #2: Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. (NYSE: GSAT) is a tech penny stock that provides mobile satellite services. The company offers two-way voice and data devices such as mobile voice and data satellite communications products.
These are in use for a variety of applications including recreation, safety, emergency preparation, and much more. The company also sells SPOT consumer retail products. These products include personal tracking, emergency location, and messaging solutions. Additionally, its SPOT Trace product is an anti-theft and asset tracking device.
GSAT has had a solid month with a lot of price action to keep track of. In the past few days however, we’ve witnessed positive momentum with Globalstar. It all started around May 6th when the company released its first quarter 2021 results.
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CEO Dave Kagan stated, “We expected to return to pre-COVID sales levels by the second half of this year and that expectation proved to be conservative. Our sales pipeline remains robust and diverse and we’re excited to see this recent momentum.”
On June 3rd, GSAT stock is up more than 5.65%. While shares shot down by over 20% on June 2nd, this could be the result of a short term correction. In regard to today’s gain, there is no direct company specific news that is causing this to happen. Despite this sizable dip, its current volume is still more than double its average. Considering this, will GSAT make it on your list of penny stocks to watch?
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