Essex Investment Management acquired 194,343 shares of Globalstar in the third quarter, marking a new position for the Massachusetts-based firm. The acquisition was valued at approximately $7.1 million, representing 1.1% of overall assets. Globalstar shares were priced at $50.48 at market close on Friday, up 82% over the past year. The company reported record third-quarter revenue of $73.8 million, with net income of $1.1 million. Essex’s top five holdings also include KTOS, STRL, AMSC, TSEM, and INSM. Globalstar aims to strengthen its position in satellite communications with a focus on 5G capabilities and Band n53 spectrum.

Read more at Nasdaq: Essex Investment Buys $7.1 Million Globalstar Stake as Revenue Hits Record High