Why Globalstar Stock Soared Higher in February
Shares of Globalstar (NYSEMKT: GSAT) rocketed 68.6% higher in February, according to data provided by S&P Global Market Intelligence, after the satellite communications company announced a series of developments that might help it to unlock some of the potential value in its assets.
Globalstar operates a constellation of satellites designed for satellite phone and data communications. The company has found it hard to monetize those assets, causing its stock to lose nearly 80% of its value in the three years ending last December.
But so far, 2021 has been a decidedly better story for Globalstar. The stock pushed higher in February after the company announced that Qualcomm (NASDAQ: QCOM) had included the radio frequencies it owns in its new modems.
Source Fool.com
