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Summary
- Stocks of satellite communications company Globalstar Inc (NYSEAMERICAN: GSAT, GSAT:US) rocketed by over 69 per cent on Tuesday.
- On Tuesday, it announced California-based wireless tech company Qualcomm Inc (NASDAQ: QCOM, QCOM:US) as its newest commercial partner.
- The deal sees Qualcomm including Globalstar’s Band n53 in its new flagship 5G modem named X65.
Stocks of satellite communications company Globalstar Inc (NYSEAMERICAN: GSAT, GSAT:US) rocketed by over 69 per cent on Tuesday, February 9. The stock noted a new 52-week high of US$ 2.25 during the trading day, finally closing at a share value of US$ 2.08.
Behind its stock price takeoff is a new deal update that Globalstar released earlier on Tuesday. Let’s find out more about it.
Globalstar’s New Deal With Qualcomm
Globalstar provides customizable satellite services solutions to a host of sectors on an international level, while specializing in mobile satellite voice and data services.
On Tuesday, it announced California-based wireless tech company Qualcomm Inc (NASDAQ: QCOM, QCOM:US) as its newest commercial partner. The deal sees Qualcomm including Globalstar’s Band n53 in its new flagship 5G modem named X65.
In other words, the X65 5G modems will now be set to provide global 5G band support to n53, widening the range of Internet of Things (IoT) devices that can access Globalstar's 5G spectrum.
©Kalkine Group 2021
Globalstar's Strategy VP Kyle Pickens described this new business deal as a “significant milestone” in the company’s initiatives to commercialize its spectrum.
Globalstar Inc (NYSEAMERICAN: GSAT, GSAT:US)
Current Stock Price: US$ 2.08
Some market analysts had voiced their concern in the past regarding Globalstar’s position to commercialize its spectrum assets, and how that could affect its stocks. But its latest deal with Qualcomm seems to have likely boosted investors’ trust in Globalstar's spectrum strategy.
Globalstar stocks now record a growth of nearly 514 per cent year-to-date (YTD) and that of about 98 per cent in February to date.
The Louisiana-based communications company currently records a market cap of US$ 3.47 billion, with an average trading volume of over 51 per cent for the past 10 days and that of 52 million in the last one month.
