Why Globalstar (GSAT) Stock Hit A New 52-Week High

Globalstar, Inc. GSAT shares are trading higher by 8.5% to $1.85 during Thursday's session amid overall market strength. It was disclosed late Wednesday that company board member and director James Lynch made a purchase of 750,000 shares of the company's voting common stock. This acquisition took place on December 18th and 19th at a price range between $1.66 and $1.69 per share.

Why This Matters

When a company insider, especially a board member or director, buys a significant amount of their company's stock, it often signals confidence in the company's future prospects.

Such actions can be interpreted by the market as a positive sign, leading to increased investor confidence and potentially driving the stock price higher.

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According to data from Benzinga Pro, GSAT has a 52-week high of $1.89 and a 52-week low of $0.85.