At $0.50 USD a pop, are penny stocks in satellite communications a potential play? Do you believe this technology is on the up? If so, then Globalstar (NYSE:GSAT) might suit your portfolio. Let’s check this out.
Penny Stocks to Watch
Globalstar, Inc. is an American satellite phone maker and seller. Further, the company “operates a low Earth orbit satellite constellation for satellite phone and low-speed data communications.”
As satellite phones become more utilized, then at 50 cents at present, the GSAT penny stock may represent an opportunity.
Shares are currently on the climb once again, after dipping in late February from around $0.67 to $0.41 by mid-April. There’s every chance future upside is ahead as demand is improving for satellite technology.
Satellite technology is in its infancy—where the layman is concerned anyway. Once synonymous with the military, satellite phones are now used regularly by those heading to the backcountry to ski or hike or simply to escape regular cell-phone coverage.
As such, the importance of satellite phones has Forbes magazine hailing them as a “potentially vital piece of backcountry safety gear.” And with more and more people heading to the wilderness to escape the everyday humdrum, sales of these devices are expected to climb. This could boost the GSAT penny stock.
If for any reason you find yourself needing to call for help, you can be sure that you can reach search and rescue teams, because satellite phones work anywhere. Without the need for cell coverage, these devices offer mountaineers and explorers added assuredness that if something does go wrong, they can be found. They also offer a local backup should you find yourself in the middle of a hurricane or natural disaster.
Penny Stocks in Satellite Technology
Recently, Globalstar partnered with NATO to deploy an Internet of Things solution using “Globalstar satellite communications, including Spot Trace.”
NATO scientists embedded Spot Trace devices in buoys set afloat in the Mediterranean and Arctic waters to monitor surface drift behavior.
“Spot Trace tracks the movement of drifters and transmits their position data over Globalstar’s Low Earth Orbit (LEO) satellite network.”
With more potential partnerships like this, and with more of us heading to the mountains, this penny stock could have an upswing ahead.
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