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Why Globalstar (GSAT) Stock Is Up Today

By: StockStory

GSAT Cover Image

What Happened?

Shares of satellite communications provider Globalstar (NASDAQ: GSAT) jumped 5.4% in the morning session after the company announced it signed a launch services agreement with SpaceX. The deal is for a Falcon 9 launch to send the next set of Globalstar's satellites into orbit, which are being built by Macdonald, Dettwiler and Associates Corporation (MDA). 

This launch is part of a 2022 satellite procurement agreement with MDA and will add to Globalstar's existing second-generation satellite constellation. According to Globalstar CEO Dr. Paul Jacobs, the agreement with SpaceX is a key step in the company's plan to construct and launch its new satellites. He stated that the new satellites will improve the company's ability to deliver high-quality satellite services to its customers over the long term. The company expects the launch to occur next year.

After the initial pop the shares cooled down to $26.06, up 4.7% from previous close.

Is now the time to buy Globalstar? Access our full analysis report here, it’s free.

What Is The Market Telling Us

Globalstar’s shares are extremely volatile and have had 41 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Globalstar is down 18.1% since the beginning of the year, and at $26.06 per share, it is trading 24.1% below its 52-week high of $34.35 from December 2024. Investors who bought $1,000 worth of Globalstar’s shares 5 years ago would now be looking at an investment worth $4,635.

Do you want to know what moves the business you care about? Add them to your StockStory watchlist and every time a stock significantly moves, we provide you with a timely explanation straight to your inbox. It’s free and will only take you a second.

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