Hedge Funds Say These 5 Penny Stocks are Poised to Explode

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Below you can find the list of 5 penny stocks that are poised to explode according to hedge funds. For a discussion of penny stock investing and a more comprehensive list please see Hedge Funds Say These 10 Penny Stocks Are Poised to Explode.

5. Globalstar, Inc. (NYSE:GSAT)

Share Price as of December 15: $1.66
Stock Price Upside Potential: 178%
Number of Hedge Fund Holders: 20

Globalstar, Inc. (NYSE:GSAT) is a communication services penny stock that offers mobile satellite service. Globalstar, Inc. (NYSE:GSAT) makes and sells products for two-way voice and data communication via satellite. These products are used for remote work and leisure activities.

According to Anson Funds portfolio manager Sagar Gupta, Globalstar, Inc. (NYSE:GSAT) could be a seven-bagger satellite communication company thanks to its relationship with Apple and lots of spectrum that can be monetized.

While Globalstar, Inc. (NYSE:GSAT) has gained 17% year to date, consensus estimates on Wall Street indicate the stock is a strong Buy with a $4.4 price target implying 178% upside potential. Out of 910 hedge funds in Insider Monkey’s database, 20 invested in Globalstar, Inc. (NYSE:GSAT) by Q3 2023, holding shares worth $82.74 million.

Follow Globalstar Inc. (NYSEMKT:GSAT)

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