Globalstar, Inc. (OTCMKTS:GSAT) Still Going Strong
Globalstar, Inc. (OTCMKTS:GSAT)’s stock is still running wild even after it breached the $1 per share barrier in the beginning of the past week. The price isn’t the only thing that is increasing, however, as more and more shares of GSAT‘s stock are flying around. Will the heavy trading finally take its toll on GSAT.
The strong week in which we saw increases in traded shares alongside a steady climb finished as expected. Even though the daily percentile movements aren’t that significant the stock is vigorously ascending the charts and we see an increased investor interest, which is expressed in the increasing volumes of traded stock that are generating high amounts in trade value.
Friday’s session was another success as the ticker added 8.33% to its value and closed at $1.43. We saw huge a amount of trades throughout the session and the biggest peak was recorded before noon. It quieted down a bit afterwards, but there were still a lot of shares flying around.
The dumping of stock didn’t stop the increase in price and the stock reached as high as $1.49 at one moment but dialed down a bit for the close. The total amount of shares that switched hands came at a whopping 12.6 million and helped to place GSAT in the top of our list of OTC stocks in terms of trade value, with $18 million.
This comes as a result of GSAT‘s good job of keeping the hype up with different press releases about a proposed rulemaking on part of GSAT that has been forwarded to the Federal Communications Commission for review and consideration, as well as rumors linking GSAT with Amazon, which were somewhat backed up by leaks of information that the latter is testing a new WiFi network for its mobile devices.
And we come to more recent developments, which can take a turn for the worst for the stock of GSAT. Most recently the ticker is being touted by Penny to Buck, an action most likely undertaken in order to clear the pumper’s past fail record. Today’s session already started with a dip in price for GSAT as they dropped as low as $1.40 per share and the dumping of stock is just massive.
What’s going to happen from now on is for time to tell. A serious correction can be expected, due to the rapid climb in price, so be sure to do a lot of due diligence and weigh out the risks.
Among other stocks that ranked high in our list with highest trade value for Friday were Patriot Scientific Corp. (OTCMKTS:PTSC) and Biozone Pharmaceuticals, Inc. (OTCBB:BZNE), with $2.9 and $2.1 million respectively. Unfortunately both stocks finished the week with a loss in price.
