Globalstar (GSAT) Climbs to New High on SpaceX Acquisition Report

We recently published 10 Stocks with Outstanding Gains; 9 on Record Highs. Globalstar, Inc. (NASDAQ:GSAT) is one of the best-performing stocks on Thursday.

Globalstar grew its share prices to a new all-time high as investors snapped up shares following news that it was in early negotiations with Elon Musk-led SpaceX for a potential merger.

During the session, Globalstar, Inc. (NASDAQ:GSAT) jumped to its highest 52-week price of $54.57 before trimming gains to end the day just up by 22.24 percent at $50.78 apiece.

Bloomberg reported on Thursday, citing people privy to the matter, that Globalstar, Inc. (NASDAQ:GSAT) has held early discussions with SpaceX for a potential sale, among other prospective companies.

Additionally, Globalstar, Inc. (NASDAQ:GSAT) was reportedly working with an investment bank to assist in the sale process, although it was not guaranteed, and it could still opt to remain independent.

Apple Inc., which earlier invested $1.5 billion in Globalstar, Inc. (NASDAQ:GSAT), will possibly have a say in the proposed deals, the report added.

The Information earlier quoted Globalstar, Inc. (NASDAQ:GSAT) Chairman James Monroe that he was open to selling the company for $10 billion.

While we acknowledge the potential of GSAT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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