We recently compiled a list of the 10 Firms End Trading Week Defying Market Bloodbath. In this article, we are going to take a look at where Globalstar Inc. (NYSE American:GSAT) stands against the other stocks.

A wave of selling gripped Wall Street this Friday, pushing major indices lower as investors shifted capital towards more attractive investment opportunities.

Ten companies bucked an overall bearish market sentiment, booking significant gains during the last trading day of the week. Let's explore how they managed to buck the trend and what factors contributed to their remarkable performance amidst widespread market uncertainty.

A satellite launch, representing the company's two-way voice and data products.

Globalstar Inc. (NYSE American:GSAT)

Shares of telecommunications company Globalstar (GSAT) rallied for a third day on Friday, ending the day up by 0.9 percent to $2.15 from $2.13 on Thursday.

Last week, its director James Monroe III also acquired a substantial amount of the company’s stock, purchasing a total of 1 million shares amounting to $1.94 million.

The company also recently held its Investor Day 2024 where it emphasized prospects by leveraging its core assets, expanding technological capabilities, and issuing robust financial targets.

In terms of financial performance, Globalstar (GSAT) reported a 25-percent increase in its revenues for the third quarter of the year, ending at $72 million.

The company also reiterated 2024 revenue guidance to be between $245-250 million with an Adjusted EBITDA margin of 54 percent. For 2025, the company projects revenues to hit between $260-285 million and an Adjusted EBITDA margin of approximately 50 percent.

Overall GSAT ranks 5th on our list of the firms that ended the trading week defying market bloodbath. While we acknowledge the potential of GSAT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than GSAT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.