HomeEquities ScoreGlobalstar Inc. (GSAT) stock surged in the premarket session; here’s why

Globalstar Inc. (GSAT) stock surged in the premarket session; here’s why

In the premarket trading session, Globalstar Inc. (GSAT) stock soared 7.35% to $1.46 at the time of writing. GSAT stock closed the previous session at $1.36. The GSAT stock volume traded at 74.96 million shares, which surged above the 3-month average volume of 33.44 million shares. In the last year, GSAT shares have risen by 340.13% while in the past week, GSAT stock surged by 51.11%.

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About Globalstar Inc.

Globalstar Inc. is a telecom service company that specifically focuses on the provision of mobile satellite services worldwide. Globalstar Inc. is considered to be a pioneer of mobile satellite voice and data services for premium two-way voice communications, remote business continuity, recreational usage, emergency communication, rescue response, along with other uses.

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GSAT stock also provides these services in the industrial, commercial and residential sites and provides telecom equipment as well for remote area communications. The company also focuses on the services and products of telecom for consumer retail products; these include services and products of telecom for satellite, GPS messenger, emergency tracking location, SMS, and text messages.

Globalstar Inc. participates in the Burkenroad Reports

On 23rd April 2021, the pioneer of mobile satellite and data services provider, Globalstar Inc. had participated in the 24th Annual Burkenroad Reports Investment Conference organized by Tulane University. The conference invites the top collegiate, exceptionally talented individuals, experiential learning programs, small and midsize companies, leaders, and CEO of such companies, WITH individual and institutional investors.

Burkenroad Reports IC is a university-sponsored securities analysis program. The conference allows 200 students from Tulane’s A.B Freeman School of Business to participate every year as different teams for following small, mid-size public companies’ headquarter that exist in six southern states. This is done as a case study to publish in-depth unbiased investment research reports.

Globalstar do BrasilLtda collaborates with Cisa Trading

The company has recently partnered with Cisa Trading. This announcement took place on 14th April 2021, where the company’s subsidiary Globalstar do BrasilLtda decided to collaborate with Cisa Trading for the purpose of introducing asset management solutions to Brazil.

Previously, a partnership between both companies led to improved and successful operations of supply, distribution, and management for one of the leading O&G companies. The selection of Globalstar for the partnership with Cisa Trading took place due to Cisa Trading’s contractual requirement to have all of the 4,400 containers of the company tracked and monitored through satellite technology while they are moved in remote areas that are out of range for telephonic and cellular signals.

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This securing of partnership in the Oil and Gas market is a very effective strategy due to the fact that Brazil is becoming a key significant player for the product and exports of crude oil. The country is expected to be the top 6 crude oil exporters by 2030. Thus Globalstar’s positioning in the growing Oil and Gas sector to represent itself as the most prominent telecom data and mobile satellite service provider will benefit its operations and fundamentals. This partnership and expansion in the oil and gas sector can improve the fundamentals and operational metrics, which will eventually lead to growth in GSAT stock.

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