Globalstar shares (NYSEAMERICAN: GSAT) jumped 16% following an announcement that the company will be the satellite operator for the new emergency SOS service for Apple (NASDAQ:AAPL).
The announcement comes right on the heels of Apple’s hardware event that announced new iPhones featuring a new feature called Emergency SOS via Satellite, which can connect to emergency services even when the phone’s user is outside of cellular or Wi-Fi range.
In a filing, Globalstar said that it will serve as the service provider and that it has completed several milestones for the service ranging from initial feasibility up to “rigorous” in-field system testing with Apple.
Apple is expected to begin emergency services in the fourth quarter.
To help stock investors interested in investing in Globalstar stock, Invezz has created a brief article on where to buy the stock.
To find out more, please continue reading.
Where to purchase Globalstar shares
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What is Globalstar?
Globalstar, Inc. is an American satellite communication company that operates a constellation of low earth orbit satellites for phone and low-speed data communications. The satellite constellation consists of 24 second-generation low-earth orbiting satellites.
Globalstar was founded in 1991 as a joint venture of Qualcomm (NASDAQ:QCOM) and Loral Corporation (NASDAQ:LORL). Then in 1994, the two sponsors announced the formation of Globalstar LP, which is a limited partnership established in the US.
Besides Qualcomm and Loral Corporation, eight other companies including Alcatel (IST:ALCTL), AirTouch (TLV:ARTS), Deutsche Aerospace, Hyundai (KRX:005380), and Vodafone (LON:VOD) contribute to the Globalstar LP.
Globalstar, Inc. is a publicly listed company and it currently trades on the NASDAQ Global Select Market under the symbol GSAT.
Should I buy Globalstar shares today?
Globalstar shares have been on the rise in the past month and yesterday’s deal with Apple is expected to drive the stock price even higher.
Nevertheless, you should invest wisely especially since the GSAT stock had slipped by 15.8% prior to the Apple deal. In August, Steve Weiss also indicated that the road ahead for Qualcomm shares is a difficult one.
GSAT stock price prediction
After the Apple deal, analysts expect the stock to continue with its general bullish outlook and possibly hit $2.5 before the end of the week.
$GSAT social media coverage
A big Apple deal just ignited a rocket under shares of satellite company Globalstar @jordannovet https://t.co/5FioxPdlx7
— Ted Kemp (@TedKempCNBC) September 8, 2022
85% of Globalstar’s capacity will be allocated to iPhones: pic.twitter.com/0VZiVJHDBe
— Scott Manley (@DJSnM) September 8, 2022
The post Apple deal causes Globalstar shares to jump: here’s where to buy GSAT stock appeared first on Invezz.
