We recently published a list of 15 Stocks That Took a Nosedive in January. In this article, we are going to take a look at where Globalstar, Inc. (NYSE:GSAT) stands against other stocks that took a nosedive in January.
Historically, the S&P 500’s performance in January sets the pace for the rest of the year. According to Jared Blikre, Yahoo Finance Markets Editor, the S&P 500 returned nearly 17% in January, which is pretty impressive because a positive January usually translates as a positive year for the markets. Jared also added that while the energy and utilities sectors are lagging, the communication services and healthcare segments are showing signs of strength.
At the same time, while the S&P 500 remained positive at the end of January, some stocks declined due to various reasons especially the launch of the Chinese OpenAI rival, DeepSeek, and new regulations amid the new administration.
15 companies in diverse sectors such as the financials, biotechnology, healthcare, technology, and energy industries, declined due to unsupportive market conditions, macroeconomic environment, and other factors. That said, let’s take a look at the 15 stocks that took a nosedive in January.
To come up with the 15 names, we only considered stocks with a market capitalization of more than $2 billion. We then shortlisted the stocks based on their performance in the past quarter and picked the 15 with the largest 30-day decline from January 3, 2024, to February 3, 2025.
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A satellite launch, representing the company’s two-way voice and data products.
Globalstar, Inc. (NYSE:GSAT)
30-day Decline as of February 3, 2025: 33.4%
Globalstar, Inc. (NYSE:GSAT) is a telecommunications company that provides reliable and portable satellite communication solutions allowing people to stay connected everywhere. The stock registered a 33.4% decline over the past 30 days, going from $2.2 to $1.47 apiece on February 3.
Shares of GSAT declined following AAPL’s decision to partner with SpaceX, expanding its usage of Starlink satellite internet service. Back in 2022, Apple partnered with Globalstar, Inc. (NYSE:GSAT) in 2022 in an attempt to utilize the company’s services for connectivity in remote areas for its iPhones.
While AAPL’s decision to onboard Starlink does not impact GSAT directly, analysts expect that AAPL may switch to Starlink entirely, leaving behind Globalstar, Inc. (NYSE:GSAT), explaining its decline. Despite the decline, analysts remain bullish on the stock with their median price target of $4.5 representing an upside of 197%.
Overall, GSAT ranks 6th on our list of stocks that took a nosedive in January. While we acknowledge the potential of GSAT to grow, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. 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.
