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Why EchoStar Rallied Today

TheMotleyFool

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Why EchoStar Rallied Today: https://g.foolcdn.com/editorial/images/862398/gettyimages-2163002582.jpg

Shares of (NASDAQ: SATS) rallied 10.5% on Wednesday as of 12:44 p.m. EDT.

Since it sold some of its wireless spectrum to SpaceX last summer, partially in exchange for SpaceX shares, EchoStar has emerged as a "public market proxy" for the still-private SpaceX, given that its SpaceX stake now accounts for a majority of EchoStar's market value.

As such, EchoStar and other space stocks rallied on reports that SpaceX may go public as soon as next week, with a valuation estimate that is higher than previously contemplated.

Source Fool.com