Globalstar (GSAT) stocks go skyward after Apple tie-up rumors - Kalkine Media

August 30, 2021 01:00 PM PDT | By Team Kalkine Media
Follow us on Google News:


  • Globalstar Inc (AMEX: GSAT) stock skyrocketed by 57% at 2:04 pm ET.
  • The GSAT stock also saw a massive jump in trading volume on Monday.
  • The company, founded in 1991, had launched its IPO in 2006.

Globalstar, Inc. (AMEX: GSAT) stock jumped more than 57% after rumors that it may supply its satellite communication technology to Apple Inc. for a new phone.

The stock was up 57.99% to US$2.2592 at 2:04 pm ET on Monday.

Globalstar provides satellite solutions like fleet asset tracking, equipment monitoring, data communication services, etc., for business and private clients.

It has a market capitalization of US$4.2 billion.

Globalstar stock skyrocketed in intraday trading on Monday after rumors that Apple Inc. is in talks with the company to procure its satellite communication technology for a new iPhone 13. The satellite technology provides stronger signals in areas where 4G and 5G signals cannot reach.

The stock also saw a massive jump in trading volume – several times more than the previous day’s share volume of 6,450,618. The stock’s highest and lowest prices for the last 52-weeks were US$2.98 and US$0.29, respectively.

Also Read: Do these five shinning gold stocks have everything you want?

The Covington, Louisiana-headquartered company was founded in 1991 and had launched its IPO in 2006. In the quarter ended June 30, 2021, its revenue was US$30.28 million compared to US$30.36 million in the same quarter of 2020.

Its net loss was US$21.45 million compared to US$24.74 million in the year-ago period. Its liquidity reserves were US$15.7 million, and restricted cash was US$51.0 million.

Also Read: Roundhill ‘MEME’ ETF makes a buzz after SEC filing

Source – pixabay

Globalstar’s revenue comes from two streams: service revenue and subscriber equipment sales. Around 85% of its revenue is generated from services in North and South America, Europe, and other markets.

The stock closed at US$1.43 on Aug 27. Globalstar stock rose nearly 585.17% YTD.  

Also Read: Five high-flying communication stocks to watch this fall


Earlier, there were also reports of Apple building its team for satellite technology. However, it has not confirmed the news. Apple has lately increased its research and development budget. But Apple hasn’t announced any plans to showcase a new phone soon. Still, analysts expect it may happen next month. However, until the company clarifies the reports, the news of a tie-up would remain a rumor.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies